NEW YORK, July 20, 2026, 12:06 p.m. EDT
- U.S. cash markets were open. Latest delayed data indicated the Dow was 0.17% lower, while the Nasdaq gained 0.62%.
- The Dow dropped 0.95% since Thursday’s close, a steeper decline over two sessions than those seen by the S&P 500 and Nasdaq.
The Dow Jones Industrial Average fell 90 points by midday on Monday. Gains in chip stocks supported the Nasdaq Composite and S&P 500. This divergence marked the Dow as the softest of the main indexes over two sessions.
This contrasted with the previous week’s trend. The Dow declined 0.93%, while the S&P 500 dropped 1.55% and the Nasdaq shed 2.9%. The Dow’s more modest decrease had provided some insulation amid the chip selloff.
Based on Thursday’s closing prices, Monday’s postponed levels yielded this comparison. Intraday data had a minimum 15-minute delay.
| Index | Monday close | Monday change | Shift from Thursday |
|---|---|---|---|
| Dow Jones Industrial Average | 52,055.91 | -0.17% | -0.95% |
| S&P 500 | 7,482.67 | +0.33% | -0.68% |
| Nasdaq Composite | 25,677.74 | +0.62% | -0.79% |
The way the Dow is structured, with stock price determining weight rather than market capitalization, accounts for some of the divergence. Each component’s impact is based on share price. Alphabet NASDAQ:GOOGL was added to the index on June 29, further increasing its technology weighting.
Apple NASDAQ:AAPL dropped 2.0% earlier, with Boeing NYSE:BA slipping 1.7%. Both stocks combined accounted for approximately 62 points of the Dow’s 157-point loss in early trade, representing about 40%.
Chip stocks climbed outside the Dow as well. Micron Technology NASDAQ:MU advanced 5.1%, with SanDisk NASDAQ:SNDK up 5.4%. Advanced Micro Devices NASDAQ:AMD increased 3.4%.
Nvidia NASDAQ:NVDA, part of the Dow, was up roughly 1.8%. Alphabet advanced 3.4% following a report on new artificial-intelligence chips.
The Philadelphia semiconductor index climbed 2.5% after falling into a bear market on Friday. The index was still down over 20% from its record high in late June. Early trading saw limited market breadth. On the Nasdaq, the number of new lows surpassed new highs by 55 to 31.
“There’s just a little less room for error in the market,” said Jack Herr, senior investment analyst at GuideStone Funds. Consensus S&P 500 earnings growth was reported at 26%, rising from the previous 23.7%. Reuters
Alphabet, IBM NYSE:IBM, Intel NASDAQ:INTC, and Texas Instruments NASDAQ:TXN are all set to report results this week. The upcoming earnings will reveal if demand for chips is strong enough to back current profit forecasts.
Brent hovered around $88, while the yield on the 10-year Treasury stayed close to 4.57%. Another energy shock or disappointing guidance may put pressure on equity valuations.
Dow investors received a limited message on Monday. The Dow continued to decline, failing to maintain Friday’s steadiness as technology shares bounced back. The Nasdaq regained roughly 44% of its loss from Friday, in contrast to further Dow weakness.
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