NEW YORK, July 14, 2026, 16:08 EDT
- Preliminary closing numbers had the Dow rising 28.92 points, or 0.05%, to 52,527.56, lagging well behind the Nasdaq, which climbed 0.91%.
- At one point during the session, Goldman Sachs Group NYSE:GS contributed 477 points to the Dow, while International Business Machines NYSE:IBM took off 445.
- U.S. consumer prices dropped 0.4% in June. The annual inflation rate came in at 3.5%, down from 4.2%.
Dow Jones Industrial Average barely moved at the close on Tuesday, but what looked like a quiet session masked a 922-point swing between two big names. Goldman Sachs Group NYSE:GS added as much as 477 points while International Business Machines NYSE:IBM cut 445 points from the total. By the bell, the Dow ticked up just 28.92 points, according to early numbers. The surface didn’t tell the whole story.
The gap is notable since the wider market sent a stronger risk-on signal. The S&P 500 added 0.38% and the Nasdaq Composite jumped 0.91%, while the Dow edged up just 0.05%. The Dow’s price-weighted setup means moves in higher-priced stocks can skew its reading and mask what’s happening in the broader market. So the headline gained less than the market did.
| Benchmark | Preliminary close | Point move | Percentage move |
|---|---|---|---|
| Dow Jones Industrial Average | 52,527.56 | up 28.92 | up 0.05% |
| S&P 500 | 7,544.03 | up 28.69 | up 0.38% |
| Nasdaq Composite | 26,109.65 | up 236.48 | up 0.91% |
Preliminary close.
At the intraday check, Goldman and IBM together added just 32 points. The Dow was off 61 points at that time, which means the rest of the 28 stocks were pulling the index down by about 93 points. The two names had 922 points of total push and pull—around 15 times the Dow’s net change. Index mechanics were in play.
| Intraday Dow contribution | Points |
|---|---|
| Goldman Sachs | +477 |
| IBM | -445 |
| Two-stock net | +32 |
| Other 28 components, implied | -93 |
| Dow at the snapshot | -61 |
This is an intraday read, not from the close. The figure for the remaining 28 stocks is an arithmetic result based on the other numbers reported.
IBM reported preliminary Q2 revenue of $17.2 billion, which is up 1% from a year earlier but short of the $17.86 billion analysts had forecast. Adjusted EPS came in at $2.93, missing the $3.02 estimate. Infrastructure revenue dropped 7%, while software was up 5%. CEO Arvind Krishna told investors, “this quarter we faltered.” He said execution was the issue. IBM Newsroom
Krishna said customers shifted late-June capital spending, buying more servers, storage, and memory to lock down hard-to-find gear before prices go up. IBM also missed the timing on several big contracts. Now investors have to figure out if this was just a one-time shift in timing, or if AI infrastructure is actually cutting into software budgets. The spending split will tell the story.
Goldman was the offset on Tuesday. The bank posted quarterly net income of $6.63 billion, or $20.98 per share, beating the $14.48 analysts had expected. Equities trading revenue surged 72% to a record $7.42 billion. Fixed income, currency and commodities revenue climbed 32% to $4.59 billion. “Momentum has accelerated throughout our businesses,” CEO David Solomon said. Reuters
JPMorgan Chase NYSE:JPM rose after posting profit ahead of forecasts, which kept the Dow on firmer ground. J.P. Morgan analysts under Kian Abouhossein said Goldman’s numbers “significantly exceeded expectations.” Banks stayed in the lead. Reuters
Markets found support from the macro picture. June consumer-price index dropped 0.4%, the biggest fall since April 2020. Annual inflation slid to 3.5%. Core CPI—excluding food and energy—was flat on the month, up 2.6% year-over-year. Gas prices dropped 9.7%. Rate relief extended past the Dow.
Following the data, traders in interest-rate futures saw an 83.4% chance the Fed keeps rates steady in July, up from 58.3% at the start of the week. “Cover, for now,” is how Chuck Carlson, CEO at Horizon Investment Services, put it. That view seemed to lift the S&P 500 and Nasdaq, while the Dow barely moved. The macro read was positive. Reuters
The setup could flip. If oil climbs again with U.S.-Iran fighting, some of the energy-driven inflation relief seen in June may fade. IBM’s full July 22 report will help show if delayed deals were just timing or point to softer demand. Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said the “favorable inflation reading could be very different next month” with what’s happening in oil. Timing is key now. Reuters
The Dow closed Tuesday reacting to just two earnings surprises, not giving a real read on the economy. Watching the Dow alone, investors missed signs of a better market tone elsewhere and indications that AI spending could be shifting how companies budget for tech. The data points the other way.
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