Market Report, 2026-07-22

Although everyone would like to see stocks rally, it has recently become harder for rallies to be sustained. Major stock indices slid today as multifaceted concerns weighed on the market once again.

Investors are increasingly scrutinizing big tech companies’ spending on AI infrastructure as capital expenditures soar. The conflict in the Middle East has also pushed crude oil prices higher again. Both sides of the conflict—namely, the United States and Iran—have broadened their strikes against each other while downplaying the possibility of diplomatic talks. As a result, Brent crude oil remained above $90 per barrel for the second consecutive day. The bond market has not taken the development lightly, given that inflation erodes bondholders’ earnings and the United States’ fiscal outlook has long faced scrutiny.

The five-year U.S. Treasury yield climbed four basis points to a new high for the year of 4.41%. The 10-year yield rose three basis points and is now only one-tenth of a basis point below its one-year high at 4.66%. Gold rallied as deleveraging in the gold market cooled and geopolitical risks drove investors toward the centuries-old safe haven.

Meanwhile, the Dow Jones Industrial Average declined by six points to 52,219, demonstrating its defensive nature. The Nasdaq declined by 0.57% to 25,691, while the S&P 500 slid by 0.14% to 7,499. The market rotated toward hard assets again today, while technology and labor-heavy stocks took a dive.

Tomorrow, we will assess the market’s reaction to Alphabet Inc.’s earnings report, which is significant to the AI investment thesis. Adams Wealth Advisors will return to keep you informed.