Chips crater, oil surges, earnings dread hits Nasdaq — July 26, 2026

S&P 500 +0.05% · Nasdaq -0.64% · Dow +0.46% · VIX 18.6 — July 26, 2026

The Nasdaq tanked 0.64% today while the Dow climbed 0.46%—a clean split driven by oil prices staying elevated and a reckoning over AI spending ahead of this week's earnings reports. Breadth was brutal: only 37 of the top 100 most active stocks rose. The S&P managed a tiny +0.05%, but that's a corpse propped up by energy and financials while tech and semiconductors got hammered.

Chip stocks led the bleeding. Nvidia competitor Nebius (NBIS) cratered 15%, CoreWeave (CRWV) fell 11.4%, and Applied Digital (APLD) dropped 9%—all victims of investor anxiety about whether Big Tech's AI capex binge will actually pay off. Bloom Energy (BE) fell 14.9% despite a Motley Fool pitch touting it as an AI-without-Nvidia play. Meanwhile, oil strength buoyed SLB (up 11%) on an analyst note, and Cleveland-Cliffs (CLF) jumped 8.9% after promoting its CFO on a strong quarter.

The real tell: earnings week looms and nobody's confident. Oil staying elevated is crushing margins for consumers already underwater—hence the chatter about Social Security checks not covering bills and retirees fleeing to dividend ETFs. That's not a healthy market rotating into safety. It's a market bracing for disappointment.

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 — Analyst Report: Nebius Group N.V. (Morningstar Research)
• BE (Bloom Energy Corporation) ▼ -14.91% at $184.89 on 13.7M shares — I Want Exposure to the AI Boom Without Buying Nvidia. Here's Why Bloom Energy Is My Pick. (Motley Fool)
• 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 Stock Heads For Worst Month In 2026: Retail Turns Bearish On 'Dead' Company (Stocktwits)
• CRWV (CoreWeave, Inc.) ▼ -11.37% at $71.88 on 25.3M shares — CoreWeave vs. Datadog: What Do the Revenue Trends of These High-Growth Tech Companies Tell Investors? (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 — Cleveland Cliffs (CLF) Promotes Celso Goncalves After Strong Q2 And Upbeat Outlook (Simply Wall St.)

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

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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.