This content was published on
July 27, 2026 - 16:57
3 minutes
(Bloomberg) — A rout in chipmakers sent stocks wavering, following an earlier rally fueled by a drop in oil prices, as pressure is building for the biggest spenders on artificial intelligence to justify their investments.While most shares in the S&P 500 rose, the index fluctuated. A gauge of semiconductor giants sank 3.5%. The cost of protecting Nvidia Corp.’s debt against default surged on a fresh round of AI infrastructure deals potentially topping $750 billion. ASML Holding NV tumbled on a report that a Chinese state-backed firm is producing chipmaking machines that could threaten its sales.Those tech jitters were revived ahead of results from handful of megacaps, tempering optimism about a drop in energy costs. Brent crude fell to $90, easing inflation concerns. Treasury yields slipped as bets on rate hikes receded in the countdown to the Federal Reserve decision.“This is a week with more than its fair share of potential surprises, good and bad,” said Chris Larkin at E*Trade from Morgan Stanley. “Geopolitics and oil prices may be the biggest wild cards, but a bullish response to strong Magnificent Seven earnings isn’t a given, especially if AI spending levels continue to raise eyebrows.”On the geopolitical front, the US and Iran held off on attacks for a third straight night. President Donald Trump is giving diplomacy “some space,” Mike Waltz, Washington’s ambassador to the United Nations, said on Sunday. Talks are “ongoing” between the sides on a technical basis and at the leadership level, he added.Corporate Highlights:CXMT Corp. surged 466% in its Shanghai trading debut to become China’s largest onshore-listed company, as investors piled into one of the biggest AI champions. Philip Morris International Inc. is doubling investment in its Colorado Zyn manufacturing plant to shore up supply for the popular nicotine pouches that have come under threat from increased competition. Jack Daniel’s owner Brown-Forman Corp. said its board of directors rejected an unsolicited takeover offer from Sazerac Co., which asked the company to reconsider the $15 billion bid that was rebuffed earlier this year. Argenx SE agreed to buy Forte Biosciences Inc. for about $2.2 billion in cash to expand its portfolio of immunology medicines. Some of the main moves in markets:StocksThe S&P 500 fell 0.2% as of 10:36 a.m. New York time The Nasdaq 100 fell 1% The Dow Jones Industrial Average rose 0.4% The Stoxx Europe 600 rose 0.3% The MSCI World Index was little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1371 The British pound fell 0.1% to $1.3309 The Japanese yen was little changed at 163.76 per dollar CryptocurrenciesBitcoin was little changed at $64,566.84 Ether rose 0.8% to $1,928.43 BondsThe yield on 10-year Treasuries declined two basis points to 4.65% Germany’s 10-year yield declined four basis points to 3.13% Britain’s 10-year yield declined four basis points to 4.99% CommoditiesWest Texas Intermediate crude fell 6.3% to $83.69 a barrel Spot gold rose 0.4% to $4,067.76 an ounce ©2026 Bloomberg L.P.
