Week in Review: Markets Mixed as Mag 7 Earnings Unfold, Oil Spikes 9%

Markets were spooked by evaporating Magnificent 7 cash flow this past week, as evidenced by smaller big-tech market caps, but investors and traders nibbled on the dips Friday as oil prices reversed a spike.

For the week, the Dow Jones Industrial Average ($DJI) rose 0.21% despite heightened geopolitical tensions and a consequent spike of more than 9% in oil prices to $90.05 per barrel. But the S&P 500 Index was down 0.42% as was the Russell 2000 Index. The Nasdaq Composite Index slumped 2%. Gold futures rose, Bitcoin futures fell, and the Philadelphia Semiconductor Index (SOX) climbed 0.64%. Among S&P 500 sectors, energy and utilities were the top performers, while communication services and consumer discretionary companies underperformed.

Roughly a third of S&P 500 companies report earnings this coming week, which will be the busiest week of second-quarter earnings season. This past week, as U.S. military action continued in Iran and new developments opened the possibility of protracted conflict, U.S. defense stocks jumped on strong reports, including Lockheed Martin (LMT) and RTX Corporation (RTX). Otherwise, investors were focused on Alphabet (GOOGL), Tesla (TSLA), Intel (INTC), General Motors (GM), International Business Machines (IBM), ServiceNow (NOW), and Texas Instruments (TXN), along with American Express (AXP) and Verizon Communications (VZ).

Here is a sampling of video clips interviews and observations on the top themes for the week that was.

The U.S. economy and macroeconomic realities:

• Doyle: Improving Labor Data Signals Fed Tightening Interest Rates
• Why Slower AI Investment Could Change the Fed's Outlook

Defense earnings, geopolitics, oil and energy:

• RTX & LMT Earnings Point to Long-Term Defense Demand
• U.S.-Iran War Pins Pressure on Stock Market While SMCI & GEV Offer Bright Spots
• Crude Oil Back to $100? Pricing Outlook as U.S.-Iran War Continues

Technology earnings including AI CapEx / Hyperscaler ROI / Enterprise software & AI monetization:

• GOOGL Cash Flow Goes Negative: Shay Boloor Still Bullish on AI Standing
• Tesla (TSLA) Earnings: Can Cash Burn Fuel Growth?
• TSLA Worst SPX Performer After Earnings, Investors Hit Brakes Following CapEx Raise
• Intel (INTC) Earnings on Tap: Show-Me Story
• Mag 7 Bubble? Russell Hackmann Sees Trouble Ahead
• GEV Adds Earnings Muscle Thanks to AI, Can't Jump High Bar
• Thorne: Easy AI Trade Over, NVDA, AVGO & MU Offer Strong Moats

Crypto policy watch: Bitcoin's Bear Market Ending? Bull Case in Clarity Act & Fed

And ICYMI, Charles Schwab President & CEO Rick Wurster on earnings, prediction markets and stock market volatility.

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