NEW YORK, July 24, 2026, 16:04 (EDT)
U.S. equities finished mixed on Friday, wrapping up the trading week. The S&P 500 edged up 0.05% to close at 7,411.96. The equal-weight S&P 500 advanced 0.71%, while the Nasdaq declined 0.64%.
The 66-basis-point difference stood out as the strongest indication from investors during the session. It suggests a shift out of major technology stocks, rather than widespread selling across the market.
This trend persisted for five sessions. The initial equal-weight measurement remained mostly unchanged, outperforming the S&P by 61 basis points. The Nasdaq declined by 2.13%.
| Benchmark | Friday level | Friday | Five-day |
|---|---|---|---|
| S&P 500 Equal Weight | 8,646.70 | up 0.71% | flat |
| S&P 500 | 7,411.96 | up 0.05% | down 0.61% |
| Dow Jones industrials | 51,946.51 | up 0.45% | down 0.38% |
| Nasdaq Composite | 24,975.82 | down 0.64% | down 2.13% |
Preliminary. Equal-weight figures are based on the most recent 15:52 EDT reading. The five-day return is measured from the July 17 value.
Every member in the equal-weight index begins at 0.2% at each quarterly rebalance, helping the index serve as a valuable gauge of underlying market breadth.
The Dow rose 0.45%, while the Russell 2000 declined 0.29%. The move was targeted rather than a broad-based advance among small-caps.
The AI sector saw mixed movements. Digital Realty Trust NYSE:DLR surged 10.9% after boosting its full-year funds-from-operations outlook. Intel NASDAQ:INTC dropped 7.9%, even though it projected revenue and profit ahead of expectations.
Micron Technology NASDAQ:MU fell 7.0%, while Sandisk NASDAQ:SNDK declined 10.8%. Investors favored improved cash-flow outlooks but reduced exposure to the broader chip sector.
Peter Andersen, CEO at Andersen Capital Management, summed up the sentiment. According to him, fear of missing out had shifted to “a fear of massive overbuilding.” Reuters
Thursday established the week’s pace. Alphabet NASDAQ:GOOGL dropped almost 7% following investor concern over its AI expenditures. Tesla NASDAQ:TSLA tumbled more than 14% after reporting its results.
The combined market capitalization of the seven biggest technology companies accounts for over 30% of the S&P 500. This level of concentration helps clarify how widespread gains can occur even when the main indexes appear sluggish.
The real challenge comes next week when Microsoft NASDAQ:MSFT, Meta Platforms NASDAQ:META, Amazon.com NASDAQ:AMZN, and Apple NASDAQ:AAPL announce results. Nearly a third of S&P 500 companies are scheduled to report.
As of Wednesday, S&P 500 earnings were coming in 26.5% higher compared to the previous year, according to LSEG LON:LSEG data. This represents a tough benchmark. Investors might react negatively to strong results if expenses outpace profits.
The Federal Reserve is set to announce its interest rate decision on Wednesday. On Thursday, futures implied a 36% probability of a 0.25 percentage point hike. GDP, monthly inflation figures, and consumer sentiment data are also scheduled for release.
Kristina Hooper, chief market strategist at Man Group LON:EMG, said investors were “walking on eggshells.” According to Hooper, markets are now more prone to react negatively to any slip. Reuters
The breadth signal is still dependent on conditions. It may help offset minor losses in megacap stocks, but not a larger sell-off in the technology sector. Friday’s drop in small-caps serves as an initial caution.
Risks: An escalation in the Middle East may push up oil prices and yields ahead of the Fed’s decision on Wednesday. A fresh capex shock, or disappointing guidance, could swiftly undo Friday’s rotation.
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