Market Close: Losing Week For Stocks, Busiest Earnings Week Ahead • 7/24/26

Summary

CNBC's Jessica Ettinger recaps a losing week for stocks amid Iran war headlines and tariff threats, with only Nvidia among the Magnificent Seven posting gains. Analysts question the Magnificent Seven trade, caution about consumer pressure from prolonged conflict and rising mortgage rates, and preview the busiest earnings week featuring Apple, Amazon, Microsoft, and Meta.

• Major averages down for second consecutive week, mixed Friday session.
• Only Nvidia among Magnificent Seven stocks had a winning week.
• Stocks at all-time highs: Travelers, Allstate, JPMorgan, Bank of America, RTX, Howmet Aerospace, General Dynamics.
• Wharton Professor Jeremy Siegel notes the Magnificent Seven's biggest underperformance vs S&P 500 in four years.
• Hightower's Stephanie Link expects capital expenditure increases from Meta, Amazon, Microsoft.
• Baird's Ross Mayfield warns a protracted Iran conflict would cause a severe risk-off event hitting consumers.
• Ivy Zelman says mortgage rates likely to stay high due to oil inflation, homebuilders facing choppy conditions.
• Fourth-quarter earnings season busiest week ahead with Apple, Amazon, Microsoft, Meta, plus Fed meeting.