Earnings anxiety hammers tech while oil lifts energy plays — July 25, 2026
S&P 500 +0.05% · Nasdaq -0.64% · Dow +0.46% · VIX 18.6 — July 25, 2026
The market split cleanly along sector lines today: the Dow climbed 0.46% on energy strength while the Nasdaq sank 0.64% as investors fled chipmakers and AI infrastructure plays ahead of a brutal earnings week. The S&P 500 eked out 0.05%, a tie masking a 63-to-37 decline in breadth that tells you the rally is narrowing. Oil prices remain elevated and dominating the tape; elevated energy costs are pinching corporate margins just as companies start reporting numbers.
The damage in tech was surgical and specific. Nebius Group (NBIS) dropped 15% despite a headline suggesting it was merely comparing unfavorably to peers—the real story is that AI cloud infrastructure stocks are taking a beating. CoreWeave (CRWV) fell 11.4%, Cipher Digital (CIFR) fell 10.3%, and Applied Digital (APLD) fell 9% as investors question whether AI capex spending has gotten ahead of revenue reality. Hims & Hers (HIMS) fell 14.2% in an earnings-related selloff. Bloom Energy (BE) cratered 14.9% despite a generic "top picks" mention.
On the flip side, SLB (Schlumberger) soared 11% on analyst attention, and Cleveland-Cliffs (CLF) beat on earnings and jumped 8.9% as steel pricing held firm. Fermi Inc. (FRMI) rocketed 17% on project acceleration—a clean, supply-side win.
Today had no insider cluster buys, so the real signal is what isn't happening: when insiders aren't buying despite sector weakness, that's worth watching. For now, the market is repricing AI spending expectations downward while energy bifurcates everything else.
Market commentary generated from the day's data and headlines — not investment advice.
Biggest moves today
- FRMI (Fermi Inc.) ▲ +17.09% at $7.40 on 38.2M shares — Fermi Inc. (FRMI) Rockets 19% as Project Matador Development Accelerates (Insider Monkey)
- NBIS (Nebius Group N.V.) ▼ -15.02% at $187.77 on 23.3M shares — Nebius Is Down 9% Today: How Does NBIS Compare to Other AI Cloud Stocks Like CoreWeave and Cloudflare? (24/7 Wall St.)
- BE (Bloom Energy Corporation) ▼ -14.91% at $184.89 on 13.7M shares — Top Stock Picks for Week of July 20, 2026 (Zacks)
- HIMS (Hims & Hers Health, Inc.) ▼ -14.20% at $28.09 on 28.3M shares — Hims & Hers Health, Repligen, West Pharmaceutical Services, and 10x Genomics Stocks Trade Down, What You Need To Know (StockStory)
- KEEL (Keel Infrastructure Corp.) ▼ -11.43% at $4.26 on 27.9M shares — Keel Infrastructure (KEEL) Could Be 56% Undervalued As Sherbrooke Approval Lifts Its Data Center Story (Simply Wall St.)
- CRWV (CoreWeave, Inc.) ▼ -11.37% at $71.88 on 25.3M shares — Why CoreWeave Stock Keeps Falling (Motley Fool)
- SLB (SLB Limited) ▲ +11.01% at $52.42 on 26.3M shares — Analyst Report: SLB N.V. (Morningstar Research)
- CIFR (Cipher Digital Inc.) ▼ -10.34% at $23.15 on 21.0M shares — Cipher Digital Inc. (CIFR) Stock Slides as Market Rises: Facts to Know Before You Trade (Zacks)
- APLD (Applied Digital Corporation) ▼ -9.03% at $27.19 on 16.2M shares — Earnings Calendar and Analysis for This Week (July 27-31) (Kiplinger)
- CLF (Cleveland-Cliffs Inc.) ▲ +8.85% at $11.93 on 69.9M shares — CLF Q2 Earnings and Sales Beat Estimates on Higher Steel Pricing (Zacks)
Most active by volume
| # | Ticker | Price | Change | Volume |
|---|---|---|---|---|
| 1 | INTC | $92.32 | -7.89% | 179.1M |
| 2 | NOK | $9.10 | -6.47% | 112.5M |
| 3 | NVDA | $206.84 | -0.92% | 110.8M |
| 4 | ONDS | $7.80 | -1.64% | 100.4M |
| 5 | SOFI | $16.46 | -1.14% | 92.5M |
| 6 | NU | $14.09 | -0.70% | 90.9M |
| 7 | T | $24.13 | +5.10% | 80.6M |
| 8 | F | $14.37 | +1.55% | 73.0M |
| 9 | AAL | $14.47 | +6.79% | 72.9M |
| 10 | CLF | $11.93 | +8.85% | 69.9M |
| 11 | PATH | $10.84 | +6.27% | 63.7M |
| 12 | TSLA | $313.03 | -2.08% | 62.2M |
| 13 | GRAB | $3.31 | +0.30% | 57.8M |
| 14 | MARA | $12.12 | -5.09% | 56.1M |
| 15 | SPCX | $115.07 | -2.68% | 54.0M |
| 16 | RIG | $5.35 | +0.56% | 47.2M |
| 17 | SMCI | $30.10 | -3.53% | 48.4M |
| 18 | OPEN | $3.83 | -0.26% | 44.6M |
| 19 | AMC | $2.27 | -0.44% | 45.2M |
| 20 | ORCL | $114.99 | -4.21% | 46.0M |
| 21 | CMCSA | $22.30 | +1.71% | 47.6M |
| 22 | AAPL | $333.02 | +3.53% | 47.4M |
| 23 | HBAN | $17.36 | -0.23% | 37.6M |
| 24 | FRMI | $7.40 | +17.09% | 38.2M |
| 25 | PLUG | $2.09 | -4.57% | 37.1M |
Market data from Yahoo Finance; insider data from SEC EDGAR Form 4. For research only — not investment advice. Verify on the official source before trading.
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