Market review from UTEX — week 30

Last week, major U.S. indices closed in the red: the SPY lost about 1.5%, while the Nasdaq fell more than 4%.

The technology sector came under particular pressure despite solid reports from ASML and Taiwan Semiconductor – investors are broadly taking profits in AI‑related stocks. Adding to the unease is a new escalation in the Middle East.

Top gainers: Palo Alto Networks (+10%), CrowdStrike (+8%), Chevron (+6%), ExxonMobil (+6%). The most notable declines were in SanDisk (-29%), Arm Holdings (-17%), SpaceX (-14%), Intel (-13%), and Micron Technology (-13%).

Apple has caught up to Nvidia in market cap, which had previously held a commanding lead. Nvidia now leads Apple by about $100B.

On July 22–23, San Francisco will host AMD's two‑day technology conference, with the main event being the official announcement of next‑gen EPYC server processors (Venice) based on the Zen 6 architecture.

This week brings a packed earnings calendar, including reports from Alphabet, Tesla, Texas Instruments, IBM, AT&T, Intel, RTX, Philip Morris, American Express, Verizon, and Thermo Fisher Scientific.

Top trading ideas for this week

🔴 Tesla (TSLA). Report on July 22 after market close. As always, extremely unpredictable and volatile. In early July, Tesla pleasantly surprised investors by reporting 480,126 vehicle deliveries in Q2, +25% year‑over‑year. Growth was driven mainly by Europe (+108%) and China (+24%). As Tesla tries to pivot toward robotaxis, autonomous vehicles, and humanoid robots, its core business faces stiff price competition from Chinese rivals like BYD. In recent weeks, rumors have swirled about a possible merger between Tesla and SpaceX, but many analysts are skeptical.

🔴 ServiceNow (NOW). Report on July 22 after market close. The company provides enterprise cloud solutions for workflow automation, machine learning, robotics, and analytics. On July 15, Oppenheimer raised its price target on NOW from $130 to $140, maintaining an "Outperform" rating. Analysts noted that fears about AI's impact on ServiceNow's business are overblown given the company's platform, proprietary data, and deep integration with enterprise systems. There is solid support around $85–$90; current levels around $100 already look attractive for the medium term, but it's better to wait for the report and company guidance.

🔴 Intel (INTC). Report on July 23 after market close. Although INTC has pulled back from $140 to $95 since July 1, the stock is still up 315% over the year. Volatility has increased notably in the last quarter. Expect strong moves after the report.

🔴 Alphabet (GOOG). Report on July 22 after market close. The report from the third‑largest company by market cap will likely influence the entire market and the tech sector. If Google hints at a slowdown or reduction in AI infrastructure spending, it could trigger a chain reaction across the ecosystem, affecting chipmakers and data‑center‑related companies. The stock is tricky to trade, but its market impact is very significant. Think of it more as a market indicator.

🔴 SpaceX (SPCX). The stock has fallen 38% over the past month; last week SPCX dropped below its IPO price ($135). The planned July 17 launch of the Starship super‑heavy rocket was aborted by the automated system one second before liftoff. Elon Musk explained that the system halted the launch due to a Raptor engine malfunction. On Thursday, Cathie Wood's Ark Invest bought more than $51 million worth of SpaceX shares, taking advantage of the dip. In total, Ark Invest has put over $550 million into SpaceX across several of its ETFs. According to Musk, the Starship launch is expected this week.

🔴 High risk, for professionals.

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