Market Close: Chips Weigh on Stocks; Netflix In Line, Gold Below $4K • 7/16/26

Summary

CNBC's Jessica Ettinger recaps Thursday's market close, with chip makers dragging the major averages lower, Netflix reporting an in-line but low-bar quarter, gold falling back below $4,000, and weak home sales data. Energy refiners hit all-time highs while retail sales inched up.

• Chip stocks (Micron, Intel, Broadcom, AMD) fell sharply, dragging the Nasdaq down 1.5%.
• Netflix's Mark Mahaney call: an at-par quarter with engagement holding up but guidance missed a low bar.
• Gold closed below $4,000/oz for the first time since last November.
• Pending home sales for June dropped 5.4% month-over-month, missing expectations of flat.
• Homebuilder sentiment remained below 40 for the 15th consecutive month, the longest such stretch since 2012.
• Oil refiner stocks Marathon Petroleum, Phillips 66, and Valero reached all-time highs.
• Retail sales rose 0.2% in June, the lightest gain since January, with gasoline station sales declining on the month.
• Upcoming: Travelers earnings, a fresh consumer sentiment read, and Universal's 'The Odyssey' in theaters.