Closing Bell: Earnings, AI Fatigue Pressure Stocks as Volatility Jumps

A retreat in technology shares and post-earnings selling pressure weighed on U.S. equities Friday as investors reassessed AI-related growth expectations and reacted to Netflix (NFLX) quarterly results. 

The S&P 500 (SPX) fell 1.01% to 7,457.69 Friday and slid nearly 1% for the week. The tech-heavy Nasdaq-100 (NDX) dropped 1.49%, bringing its decline for the week to 2.29%. The Dow Jones Industrial Average ($DJI) lost less than 1% on the day and the week. Semiconductor shares remained under pressure, with the PHLX Semiconductor Sector Index (SOX) falling 1.63% to 11,673.89 for a weekly decline to 5.5%. 

It was a difficult week for AI-linked memory stocks and data-center names as investors rotated away from some of 2026's strongest performers. At the same time, earnings season delivered mixed signals, with Netflix shares coming under pressure following its quarterly report and guidance; the shares lost 6% of their value for the week.  

With days of U.S. military action in Iran, oil prices moved sharply higher: the U.S. benchmark crude futures price jumped nearly 5% to near $82 per barrel. The CBOE Volatility Index (VIX) spiked 12% to 18.77. 

Three things to watch from Friday’s market: 

Netflix Fallout Highlights High Earnings Bar: Despite continued strength in streaming fundamentals, Netflix investors were focused on guidance for future growth. Read more in our Netflix earnings preview article about what the options market indicated, and watch video answering the question, with NFLX near a 2-year low after earnings, can ads, M&A lead to a rebound? 

AI Data Centers, Memory Trades Tested: Pressure persisted across technology and AI infrastructure names as investors continued to reevaluate long-term spending assumptions. Micron (MU) took a further beating, with the week's decline coming to 13%. SanDisk (SNDK) tumbled 4% Friday, bringing its slump for the week to –29.3%. See NFLX Hits 2-Year Low After Earnings: Can Ads, M&A Activity Lead to Rebound?  

Looking Beyond Technology for Investing Opportunity: Maybe FOMO in tech has its limits. Diversification, earnings quality and durable cash-flow growth were themes that cropped up among guests this week. Bonds are back, Joanna Gallegos, co-Founder of BondBloxx says. Looking beyond U.S. borders, emerging markets could be poised for a rally, Derrick Irwin says. And when all else fails, there’s the potential profitability of pizza: Here’s what the charts are saying about Domino's Pizza (DPZ) and bullish momentum into earnings to be reported Monday. 

Economic Calendar (ET), Monday, July 20: 

10:00 AM: Conference Board U.S. Leading Economic Index 

Earnings Calendar, Monday: 

• Premarket: Ryanair (RYAAY), Domino's Pizza (DPZ), AMC Entertainment (AMC) 
• Postmarket: Steel Dynamics (STLD), Crown Holdings (CCK), Wintrust Financial (WTFC), Zions Bancorporation (ZION)

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