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Morning Note – 07/24/26: SP 500 Begins To Cluster With Second Loss in July of More Than -1%.

By Jack Bahrenburg | Market Rebellion · July 24, 2026

Overnight Summary and Early Morning Trading:

  • The S&P 500 finished Thursday lower by -1.21% at 7408.30 from Wednesday lower by -0.14% at 7498.96.
  • 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 4.683% from 4.675%.

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. For this week, the S&P 500 is lower by -0.66%.
  • 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 second loss for the month of more than -1%. We are now clustering with another loss of -1%. So hunker down with 6 trading days left in the month.

Key Geopolitical Events of Note:

  • Economic news of note.
    • Monthly –Global U.S. Manufacturing Index, Global U.S. Services PMI Index and New Home Sales.
    • Weekly –Baker Hughes Rig Count is out this afternoon.
  • 10-Year TIPS Auction at 1:00 p.m. EDT.
  • Fed Speakers of Note today:  The Federal Reserve (FOMC) blackout period runs through Thursday, July 30, 2026.
  • President Trump’s schedule:
    • Participates in Executive Time at 8:00 a.m. EDT.
    • Makes an Announcement on American Nuclear Innovation at 3:00 p.m. EDT.
    • Delivers Remarks at 8:55 p.m. EDT.

Capital Raises of Note/Pricings:

  • IPO Filings & News: None of note.
  • Secondaries Filed Or Priced:
    • DYN closes upsized common stock offering at $20.50 per share.
    • CDXS launches underwritten public common stock offering.
    • LUCY – Form S-1 6,766,673 Shares of Common Stock.
  • Notes Filed Or Priced:
    • NRXS: FORM S-3 – 1,923,194 Shares of Common Stock Offered by the Selling Stockholders.
  • 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:
    • COCO files for 467,071 share common stock offering by selling stockholders.
  • Mixed Shelf Offerings:
    • BIYA: Form F-3.. $200,000,000 Mixed Shelf.

Notable Earnings Out After The Close:

  • Beats: FIX +2.08, THC+1.86, DLRI +0.58, WKC+0.54, KNSL+0.43, ENVA +0.36, SIGI +0.29, HIG +0.26, INTC +0.20 of note.
  • Misses: SAP -0.40, OVV -0.32, SLM -0.15, ABCB -0.06, VRSN -0.04, MRTN -0.01 of note.
  • Flat: EGP GTY of note.

Winners From Thursday after hours: SAFT +34.3%, AMKR +16.3% ,INTC +5.6%, THC +12.6%, EW +4.6%, KN +2.9%

Losers From Thursday after hours:  CDXS -21.1%, MXL -9.8%, DECK -7.5%, SLM -6.1%.

News After The Close:

  • Intel (INTC) crushed it with prelim Q2 $0.42 vs $0.22 FactSet Consensus; revs $16.1 billion vs $14.43 billion FactSet Consensus. 
  • Newmont (NEM) produced 1.3 million attributable gold ounces; On track to meet FY26 production guidance.
  • OKLO receives DOE startup authorization for Groves reactor.
  • Summit Therapeutics (SMMT) discloses there is substantial doubt about its ability to continue as a “going concern”. 
  • Amkor (AMKR) and NVIDIA (NVDA) strike $1.5 billion multi-year advanced packaging pact. 
  • Oracle (ORCL) was awarded a 10-year IDIQ contract under the U.S. Department of War’s Enterprise Software Initiative, with a base value of $3.31 billion for the first five years and up to $6.99 billion if options are exercised.
  • President Trump to impose broad new tariffs on 60 trading partners as existing duties expire. (CNBC)
  • Stripe and Advent continue to consider their options regarding PayPal. (WSJ)
  • 10Q Delays – None of note. 

Executive, Corporate Changes:

  • GEHC said CFO Jay Saccaro will step down for a role outside medtech, with Controller and Chief Accounting Officer George Newcomb appointed interim CFO while a permanent search begins.
  • LSTR names Bill Clement chief commercial officer effective Aug. 1.

Buybacks of Note:

  • VRSN announces additional $884.2 million share repurchase authorization.

Dividend Info:

  • DHR MDT CP HUM KDP RL ELS VMI FLS TRNO IRT TOWN CTS PSEC goes Ex-Div Friday.
  • RY BNY WIT BCO USAC WMK LPG goes Ex-Div Monday.
  • FIX increases quarterly dividend to $0.90 per share from $0.80 per share.
  • HTH increases quarterly dividend 10% to $0.22 per share. 

What Happening This Morning:

Futures S&P 500 +15, NASDAQ 100 +28, Dow Jones +272. Europe is higher while Asia is lower. Bond yield is at 4.687% from 4.675% on the 10-Year. Crude Oil and Brent Crude are lower with Natural Gas lower. Gold,Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $64,891 from $65.741.

Sector Action:

  • Daily Energy was higher
  • Daily All Ex Energy 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)

  • Friday After the Close: None of note. (WHR moved to Monday after the close)
  • Monday Before The Open:

Notable Earnings of Note This Morning:

  • Beat: CHTR+0.68, BAH +0.33, SXT +0.17, AXP +0.13, SLB +0.04, VZ+0.02 of note.
  • Missed: FLG -0.01 of note.
  • Flat: None of note.
  • Still to Report: CNI FHB GNTX HCA LW NEE 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: SAFT +38.5%, THC +16.5%, WKC +12.8%, AMKR +10.5%, MNKD +6.2%, EW +6.2%, MX +5.2%, SAP +5.1%, INTC +4.3%, COCO +3.8%, ORCL +2.6%, DLR +2.4%, MTW +2.1%, SSNC +2.1%of note
  • Gap Down: ROL -17.2%, CDXS -25.4%, MXL -10.4%, RHI -6.7%, WSE -6.5%, SCHL -6%, SMMT -5.3%, SIGI -3.7%, SKYW -3.4%, FLG -3.1%, OVV -2.7%, ASB -2.5%, DECK -2.4%, MRTN -2.3% 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.

  • War and Tariffs Threaten a Resilient Economy Again. (NYT)
  • Trump Is Losing Patience Over an Iran War With No Clear End In Sight. (WSJ)
  • US Weighs Wider Attacks on Iran. (Bloomberg)
  • Stocks Get Some Relief as Crude Drops Below $100. (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 American Nuclear Innovation at 3:00 p.m. EDT.
    • Delivers Remarks at 8:55 p.m. EDT.
  • Economic Data Out –
    • Weekly
      • Baker Hughes Rig Count is due out at 1:00 p.m. EDT.
    • Monthly
      • Global U.S. Manufacturing Index is due out at 9:45 a.m. EDT and came in last month at 52.5.
      • Global U.S. Services PMI Index is due out at 9:45 a.m. EDT and came in last month at 48.80.
      • June New Home Sales are due out at 10:00 a.m. EDT and expected to rise to 0.30% from 0.10%.

M&A Activity & Daily: Safety Insurance (SAFT) to be acquired by Mapfre Affiliate for $105/share in cash.

Moving Average Table: 30% from63% of Equities are Positive, and 0% from 0% Bonds are Positive.

Meeting & Conferences of Note:

  • Sellside Conferences: None of note.
  • Top Analyst, Investor: MNKD of note.
  • Shareholder Meetings: NUWE of note.
  • Fireside Chat: None of note.
  • FDA Presentation: None of note.
  • R&D Day: None of note.
  • Meetings:
    • ASRS
    • Society of Robotic Surgery 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.