Stock Market Midday, July 22: Markets Brace for Alphabet Earnings as Hyperscaler's AI Debt Comes Into Focus
As of 11:31 AM ET, the Dow Jones Industrial Average (DJINDICES:^DJI) is up 0.24% to 52,351.14, the S&P 500 (SNPINDEX:^GSPC) has gained 0.07% to 7,514.29, and the Nasdaq Composite (NASDAQINDEX:^IXIC) has slipped 0.15% to 25,798.97 as tech stocks come under pressure.
Gold prices have climbed 1.98% to $4,154.42 as of 11:39 AM ET, while the 10-Year Treasury yield is trading up 0.02% at 4.65%. Utilities and energy stocks are leading sector gains, while technology and communication services are falling.
Today's biggest moves
The Magnificent Seven are in focus this morning, with quarterly results due from Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) and Tesla (NASDAQ:TSLA) after the bell. Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META) all dropped in early trading. Super Micro Computer (NASDAQ:SMCIP) soared over 24% after the company said it expects its 2026 gross margins to double.
What this means for investors
It has been a mixed morning of trading as oil prices continued to increase, fueling renewed inflation concerns and pressuring global markets. WTI crude rose over 2% to more than $86 a barrel. Traders are concerned about further supply restrictions as tensions in the Middle East show no signs of de-escalation.
A research note from Goldman Sachs Group highlighted the eye watering level of debt issuance to fund artificial intelligence (AI) build-outs. It said around $489 billion in AI-related debt had been issued this year, with hyperscalers such as Microsoft, Amazon, and Meta accounting for 40% of the debt. As markets brace for Alphabet and Tesla earnings later today, investors will be looking for signs that this intensive spending is driving revenue growth.
Should you buy stock in S&P 500 Index right now?
Before you buy stock in S&P 500 Index, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and S&P 500 Index wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,332!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,272,280!*
Now, it’s worth noting Stock Advisor’s total average return is 904% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 22, 2026.
Emma Newbery has positions in Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Goldman Sachs Group, Meta Platforms, Microsoft, and Tesla. The Motley Fool has a disclosure policy.
Recommended Articles
