Market Rebellion TV
← Back to News

Announcement

Morning Note – 07/23/26: Stocks Lower As Oil Prices Higher On Red Sea Attacks and AI Spending Concerns

By Jack Bahrenburg | Market Rebellion · July 23, 2026

Overnight Summary and Early Morning Trading:

  • The S&P 500 finished Wednesday lower by -0.14% at 7498.96 from Tuesday higher by 0.89% at 7509.20.
  • The S&P 500 sees support now at 7400 from 7500. Resistance is now at 7500 from 7600. In the last four months, support has moved from 6300 to 7400.
  • S&P 500 hit its 25th All-Time Closing High of 2026 on Tuesday, 6/2/26.
  • Bond Market is lower today on price with the 10-Year Yield at 4.675% from 4.626%.

Executive Summary:

  • Stocks are now in a one-week losing streak, with the S&P 500 dropping -1.55% in the last week, ended 7/17.
  • U.S. moves into Week 22 of its attack on Iran, almost six months. Fighting has broken out on both sides and there is no deal. It is FUBAR.
  • 3 Day Losing Streak on the S&P 500 ended on Tuesday.
  • The S&P 500 had its first loss of more than -1%. for July last Friday. One more loss of greater than -1% and we could be clustering with another loss of -1%.

Key Geopolitical Events of Note:

  • Economic news of note.
    • Monthly – None of note
    • Weekly –
      • Jobless Claims and Natural Gas Inventories are out this morning.
  • Fed Speakers of Note today:  The Federal Reserve (FOMC) blackout period runs through Thursday, July 30, 2026.
  • 10-Year TIPS Auction at 1:00 p.m. EDT.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Makes an Announcement on the Ratepayer Protection Pledge at 2:30 p.m. EDT.
    • Hosts the Los Angeles Dodgers, 2025 World Series Champions at 4:30 p.m. EDT.
    • Participates in a Policy Meeting at 5:30 p.m. EDT.
    • Greets the United States Ambassador to Switzerland and Liechtenstein Newt Gingrich at 6:00 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News: None of note.
  • Secondaries Filed Or Priced:
    • FSBC launches common stock offering.
    • CISS: Form F-1.. 3,592,814 Units consisting of Common Shares or Pre-Funded Warrants and Class F Warrants to Purchase Common Shares.
    • DFSC: Form F-1.. Up to 723,481 Common Shares.
  • Notes Filed Or Priced:
    • MGY Pricing of Offering of $500 Million Senior Notes.
    • NOMD – Pricing of Senior Secured Notes Offering.
  • Convertible Offerings Filed or Priced: None of note.
  • Private Placement: None of note.
  • Direct Offering: None of note.
  • Exchangeable Subordinate Voting Shares: None of note.
  • Selling Shareholders:
    • FJET files for 5,223,879 share common stock offering by selling stockholders. 
  • Mixed Shelf Offerings: None of note.

Notable Earnings Out After The Close:

  • Beats: GOOG +6.23, KALU +2.87, URI +1.22, RNR+1.20, RS +0.80, CCS +0.66, LUV +0.43, FAF +0.31, WEX +0.28, MEDP +0.27, SEIC +0.22, SLG +0.22, RJF +0.21 of note.
  • Misses: STC -0.24, TSLA -0.20, LVS -0.17, CYH -0.09, EPRT -0,04, ROL -0.02, IBM -0.02, GL -0.02 of note.
  • Flat: EGP GTY of note.

Winners From Wednesday: NVEC +31.5%, RELL +17.4%, URI +10.5%, OII +8.2%, CSX +4.6%, NOW +4.4%,

Losers From Wednesday:  ROL -14.9%, MOH -9.8%, CYH -7.8%, SSTK -6.9%, LVS -5% TSLA -4.2% and GOOG -4%, QS -4.9%

News After The Close:

  • Texas Instruments (TXN) beats by $0.15.
  • Alphabet (GOOGL) prelim Q2 $9.11 vs $2.88 FactSet Consensus; revs $119.8 billion vs $117.07 billion FactSet Consensus.
  • Capital One (COF) prelim Q2 $5.81 vs $4.67 FactSet Consensus; revs $15.9 billion vs $15.77 billion FactSet Consensus.
  • Encore Capital (ECPG) to redeem all $230 million of 4.00% convertible notes due 2029. 
  • Tesla (TSLA) misses on prelim Q2 $0.33 vs $0.53 FactSet Consensus but beats on revs $28.24 billion vs $26.42 billion FactSet Consensus.
  • Las Vegas Sands (LVS) misses by $0.17, misses on revs; increases repurchase.
  • IBM a tad light as prelim Q2 $2.93 vs $2.95 FactSet Consensus; revs $17.16 bln vs $17.46 bln FactSet Consensus.
  • ServiceNow (NOW) beats by $0.04, beats on revs; raises FY26 subscription revenue guidance.
  • X-Energy (XE) joins DOE-backed Project Prometheus with NVIDIA and AWS on AI-driven nuclear deployment.
  • Progress Software (PRGS) to buy substantially all of Domo’s AI and data platform assets for $400 million cash. 
  • United Rental (URI) beats by $1.22, beats on revs; raises FY26 revs above consensus.
  • Southwest Air (LUV) beats by $0.43, misses on revs; guides Q3 EPS below consensus; guides FY26 EPS above consensus.
  • Chevron (CVX) asking court to enforce a $224 million award against Ecuador. (Bloomberg)
  • House passes bill that bans lawmakers from purchasing stocks; sending it to the Senate.
  • House passes National Defense Authorization Act by a vote of 216-212; sending to the Senate.
  • Trump’s Boeing deal with China hits a hurdle amid new demands. (Politico)   
  • Labcorp Holdings (LH) awarded $364.7 mln Defense Health Agency contract.
  • 10Q Delays – None of note.

Executive, Corporate Changes:

  • GSHD CEO Mark Miller to retire; Mark Jones Jr. to become CEO on Jan. 1.
  • JXN names CFO Don Cummings CEO effective Oct. 1 as Laura Prieskorn plans retirement.
  • TTC names Edric Funk CEO effective Nov. 1; Richard Olson to become Executive Chairman.
  • KROS discloses the resignation of CFO Keith Regnante.  

Buybacks of Note:

  • LVS ups buyback.

Dividend Info:

  • STX NXPI ABEV GFS BFC ITRN goes Ex-Div Thursday.
  • DHR MDT CP HUM KDP RL ELS VMI FLS TRNO IRT TOWN CTS PSEC goes Ex-Div Friday.
  • SCHL increases quarterly dividend 25% to $0.25 per share from $0.20 per share.
  • HOMB announces an increased quarterly cash dividend to $0.23 per share from $0.21 per share.

What Happening This Morning:

Futures S&P 500 -23.50, NASDAQ 100 -95, Dow Jones -183. Europe is lower while Asia is mixed. Bond yield is at 4.675% from 4.625% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold and Silver are lower with Copper lower as well. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $65,741 from $66.000.

Sector Action:

  • Daily Energy, Industrials, Technology and Healthcare were higher.
  • Daily Communication Services, Consumer Cyclical and Consumer Defensive were lower.
  • One-Month Winners: Technology, Communication Services, Consumer Defensive, Healthcare and Real Estate of note.
  • Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
  • Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
  • Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
  • Year-to-Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

  • Thursday After the Close:

  • Friday Before The Open:

Notable Earnings of Note This Morning:

  • Beat: BFH+0.81, LMT +0.75, TECK +0.58, TMUS +0.40, TMO +0.31, DGX+0.30, WST +0.29, COCO +0.26, RTX +0.23, BX +0.20, NVCR +0.20, DOW +0.16, AAL +0.12 of note.
  • Missed: VC-0.30, LAZ -0.22, VLY  -0.01, TSCO -0.01, HZO -0.01 of note.
  • Flat: None of note.
  • Still to Report: FCX IMAX NOK NSC ORI of note.

Company Earnings Guidance:

  • Positive Guidance: After The Close & This Morning –  LMT DGX WST RTX ROP of note.
  • Mixed – None of none.
  • Negative or Mixed Guidance: After The Close & This Morning – TSCO VLY of note.

Advance/Decline Daily Update: Market Breadth has weakened.

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

  • Gap Up: DOMO +22.9%, NVEC +21.9%, MEDP +19%, HYLN +16.3%, RELL +16.3%, KALU +11.2%, ALLE +8.2%, NOW +7.4%, CLF +6.9%, URI +6.6%, WST +6.5%, JHX +6.2%, OII +6%, SGML +5.9%, RTX +5.8%, GSHD +5.1%, TECK +5.1%, TMO +4.7%, COCO +3.8%, CSX +3.8%, CMCSA +3.6%, FJET +3.5%, IBCP +3%, AXG +2.8%, CX +2.8%, TTE +2.6%, DOW +2.4%, SLG +2.1%, WEX +2.1% of note
  • Gap Down: ROL -17.2%, STM -14.1%, CYH -10.6%, MOH -8.8%, TSLA -6%, FSBC -5.8%, CCB -5.2%, QS -4.9%, CASH -4.8%, SSTK -4.1%, CRNT -4%, GOOG -4%, TXN -3.9%, TOWN -2.7%, GGG -2.5%, FRME -2.3%, LTC -2.2%, GL -2.2%, LUV -2%of note.

Insider Action: None sees Insider Buying with dumb short selling.  None sees Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.

Other Trading Action: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific. Bolded source means paywall.

  • Oil Prices Surge After Attacks In Red Sea. (NYT)
  • Google Has the Muscle To Overpower, But Investors Concerned On Spending. (WSJ)
  • Many Americans Retire Earlier Than Planned, Then Comes The Regret. (USA Today)
  • Google’s $205 Billion Spending Target Fuels AI Cost Fears. (Bloomberg)
  • Market Wrap: Stocks Fall on AI Jitters AS Oil Pushes Higher. (Bloomberg)

Economic & Geopolitical:

  • Federal Reserve Speakers of note today:  The Federal Reserve (FOMC) blackout period runs through Thursday, July 30, 2026.
  • President Trump’s schedule for today:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Makes an Announcement on the Ratepayer Protection Pledge at 2:30 p.m. EDT.
    • Hosts the Los Angeles Dodgers, 2025 World Series Champions at 4:30 p.m. EDT.
    • Participates in a Policy Meeting at 5:30 p.m. EDT.
    • Greets the United States Ambassador to Switzerland and Liechtenstein Newt Gingrich at 6:00 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • Jobless Claims are due out at 8:30 p.m. EDT
      • Natural Gas Inventories are due out at 10:30 a.m. EDT.
    • Monthly
      • None of note.

M&A Activity & Daily: None of note.

Moving Average Table: 63% from 70% of Equities are Positive, and 0% from 0% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences: None of note.
  • Top Analyst, Investor: AENT of note.
  • Shareholder Meetings: JAZZ LOOP UEC of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • ASRS
    • AMD Advancing AI
    • Pediatric Dermatology Meeting

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations. 

Upgrades: JPM VRSK  of note.

Downgrades: ROL SO ZION of note.

Initiations:   Buys: AGMB CMTL LYV  of note.  Sells: None of note.