Dow Flat as S&P 500, Nasdaq Slip Before Big Tech Earnings

22.07.2026 · By Bernal Fintech Markets Desk

The Dow Jones Industrial Average closed flat on Wednesday, while the S&P 500 and Nasdaq slipped slightly as investors braced for the first wave of Big Tech earnings. Rising oil prices and ongoing geopolitical tensions in the Middle East contributed to a cautious market tone. The Nasdaq 100 futures led the retreat, with S&P 500 and Dow futures also slipping after a rebound in chip stocks on Tuesday.

Oil prices climbed to a six-week high as hopes of de-escalation in Iran diminished. West Texas Intermediate and Brent crude contracts rose nearly 4%, driven by continued attacks and U.S. military strikes in the region. This upward trend in energy prices added pressure to equities, particularly as investors prepared for earnings reports from major tech firms like Alphabet and Tesla, which are expected to provide insights into the health of the AI-driven rally.

Market Context

Investors remained cautious ahead of the first batch of Big Tech earnings, which are seen as a critical test for the ongoing AI-driven rally. The Nasdaq 100, which has been a key driver of the market’s recent performance, showed signs of weakness as semiconductor stocks retreated. This follows a rebound in chip stocks on Tuesday, which had briefly lifted the broader indices.

Meanwhile, the Federal Reserve’s interest rate policy remained a key concern for investors. Although no immediate policy decisions were expected, the market continued to reassess expectations for rate changes, which can influence both equity valuations and bond yields. The rise in oil prices also contributed to a broader commodities rally, with the dollar and yields rising in tandem as investors sought safer assets amid geopolitical uncertainty.

What it means for markets

The mixed performance of U.S. stocks highlights the delicate balance between rising energy prices and corporate earnings expectations. As Big Tech earnings begin, the market will closely watch for signals on the sustainability of the AI-driven rally and how geopolitical tensions in the Middle East might impact investor sentiment and broader economic conditions.