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The Philadelphia semiconductor index fell ~26% from its June high before Microsoft's blowout Azure quarter and a forced fund liquidation sparked an ~8% chip rally, leaving the S&P 500 up 0.96% and the Nasdaq 100 up 0.52% on the week to July 31, 2026.
Brent crossed $100 on the US–Iran conflict and a 1969-low jobless print pushed money markets to price a September hike, while Alphabet and Tesla's cash-flow-negative quarters wiped roughly $888 billion off the seven largest tech names
TSMC, ASML and Netflix all beat and raised, yet the AI basket fell ~6% on the week; IBM's pre-announcement sank shares ~25% as a cold June CPI kept the Fed patient
The S&P 500 rose 1.23% to 7,575.39 and the Nasdaq 100 gained 1.69% to 29,825.10 over the week, even as June FOMC minutes confirmed the Fed held rates at 3.50%-3.75% and fresh US strikes on Iran sent Brent up more than 5% to $76.01.
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