This content was published on
July 24, 2026 - 15:47
4 minutes
(Bloomberg) — Wall Street is wrapping up a jittery week with stocks holding relatively steady as oil fell after a surge that was triggered by an escalation of Middle East hostilities.Those geopolitical risks alongside concerns about massive investments in artificial intelligence put the S&P 500 on track for a second straight week of declines, the longest losing stretch since March. But the gauge was able to stabilize after its biggest rout in a month. Treasuries also halted a selloff driven by inflation worries as Brent crude dropped below $100.A week that began with spiraling violence between the US and Iran has culminated in elevated oil prices. There has been some relief from the supply disruption, with millions of barrels of Saudi Arabian crude still being shipped from its Red Sea coast, despite attacks by Yemen’s Houthi militants seeking to impose a blockade on the kingdom’s shipping.The Red Sea has become a crucial alternative export route for Saudi Arabia, allowing the kingdom to bypass the Strait of Hormuz and continue shipping millions of barrels a day to global customers.The intensifying conflict has raised the prospect of energy supply disruptions, reinforcing expectations that central banks may need to keep interest rates higher for longer. No immediate Federal Reserve moves are currently anticipated, but a summer of inflation angst is now looking likely to persist in financial markets.“The risk of further escalation is elevated, and a retest of oil price highs from earlier this year cannot be ruled out should military actions intensify,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office. “In our base case, we expect energy flows through the Strait to recover over time, even if they are unlikely to reach pre-conflict levels.”This means that inflationary pressures should subside as the year progresses, and that an aggressive tightening cycle remains unlikely in her view.Corporate Highlights:Intel Corp. delivered a revenue forecast that shattered Wall Street estimates as booming data center spending fuels a long-awaited turnaround. BlackRock Inc. began marketing $12.3 billion of high-grade bonds to fund a Meta Platforms Inc. data center project, testing investor appetite amid growing concerns about excessive AI infrastructure spending. Nvidia Corp. signed a $1.5 billion agreement with Amkor Technology Inc. to help bolster the company’s chip packaging facilities, part of a broader push to expand semiconductor operations in the US. Oracle Corp. has been awarded a 10-year indefinite delivery/indefinite quantity contract by the the US Department of War under its Enterprise Software Initiative. American Express Co. said second-quarter expenses surged 12% as the company spent more on marketing to attract and retain premium cardholders. Verizon Communications Inc. reported mobility and broadband sales that exceeded Wall Street’s expectations in the second quarter, signaling that Chief Executive Officer Dan Schulman’s turnaround plan is starting to bear fruit. Some of the main moves in markets:StocksThe S&P 500 was little changed as of 9:44 a.m. New York time The Nasdaq 100 fell 0.4% The Dow Jones Industrial Average rose 0.1% The Stoxx Europe 600 rose 0.5% The MSCI World Index was little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1372 The British pound was little changed at $1.3319 The Japanese yen was little changed at 163.84 per dollar CryptocurrenciesBitcoin fell 1.2% to $64,344.2 Ether fell 1.2% to $1,862.34 BondsThe yield on 10-year Treasuries declined one basis point to 4.68% Germany’s 10-year yield declined two basis points to 3.19% Britain’s 10-year yield declined five basis points to 5.06% CommoditiesWest Texas Intermediate crude fell 1.9% to $90.44 a barrel Spot gold was little changed ©2026 Bloomberg L.P.
