This content was published on
July 27, 2026 - 17:36
3 minutes
(Bloomberg) — A selloff in chipmakers sent stocks falling, offsetting a sharp decline in oil prices as pressure keeps building for the biggest spenders on artificial intelligence to justify their investments.While most S&P 500 shares rose, the index edged lower. A gauge of semiconductor giants sank 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 concerns emerged ahead of results from handful of megacaps, tempering optimism about lower energy prices. Brent crude fell below $90 as the US and Iran held off on attacks for a third straight night. Treasury yields slipped, with bets on rate hikes receding before the Federal Reserve meeting.“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.”And even though the Fed is expected to leave rates unchanged this week, the possibility of a hike is higher than it’s been in a while, he noted. That means: Choppy trading could persist, even if the ultimate direction is to the upside, Larkin added.Corporate Highlights:Jersey Mike’s Subs Inc.’s initial public offering has attracted investor demand for more than 10 times the available shares ahead of pricing on Wednesday, according to people familiar with the matter. Cracker Barrel Old Country Store Inc. hired industry veteran David Deno to replace chief executive officer Julie Masino, whose attempted rebranding of the restaurant chain last year sparked backlash. Sarepta Therapeutics Inc. appointed former AbbVie Inc. executive Michael Severino its new chief executive officer, tapping the long-time pharmaceutical executive to lead the company as it seeks to recover from a period of clashes with US regulators. 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. CXMT Corp. surged 466% in its Shanghai trading debut to become China’s largest onshore-listed company, as investors piled into one of the country’s biggest artificial-intelligence champions. Some of the main moves in markets:StocksThe S&P 500 fell 0.2% as of 11:35 a.m. New York time The Nasdaq 100 fell 0.9% The Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 rose 0.2% The MSCI World Index was little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1374 The British pound fell 0.2% to $1.3304 The Japanese yen was little changed at 163.69 per dollar CryptocurrenciesBitcoin fell 0.1% to $64,502.06 Ether rose 0.8% to $1,928.28 BondsThe yield on 10-year Treasuries declined three basis points to 4.64% 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 6.8% to $83.27 a barrel Spot gold rose 0.5% to $4,073.20 an ounce ©2026 Bloomberg L.P.
