US markets close 24 July 2026: S&P 500 flat as a semiconductor selloff offsets broad sector gains
S&P 500 close: 7,411.98 (+0.05%) Breadth: 10 of 11 S&P sectors higher; technology the lone decliner Sentiment: mixed
The S&P 500 closed at 7,411.98 on 24 July 2026, up just 0.05%, as a 4.25% drop in the PHLX Semiconductor Index cancelled out gains in 10 of the 11 S&P sectors. MaxLinear MXL.US fell 21.54%, the sharpest decliner in a broad selloff across chip and AI-infrastructure stocks, even after the company beat and raised guidance. The Dow rose 0.46% to 51,947.25 on strength in Salesforce CRM.US and IBM IBM.US, while the tech-heavy Nasdaq fell 0.64% to 24,975.82.
What moved the index
- Technology (drag): XLK closed down 1.44%, worth roughly -49 bps of the S&P. Semiconductors led the fall: Broadcom AVGO.US -2.69%, AMD AMD.US -3.29% and Nvidia NVDA.US -0.92%, with sharper drops in MaxLinear MXL.US -21.54%, Astera Labs ALAB.US -10.82% and SanDisk SNDK.US -10.79%. AI-cloud names fell too, Nebius NBIS.US -15.02% and CoreWeave CRWV.US -11.37%, on doubts about AI-spending returns and a firmer Fed-rate outlook. Apple AAPL.US +3.53% cushioned the sector.
- Ex-technology breadth (offset): the other 10 sectors added roughly +55 bps combined. Real Estate XLRE +2.22% led as data-center landlord Digital Realty DLR.US jumped 11.01% on record leasing, helped by the US 10-year yield easing to 4.68% from 4.70%. Energy rose with Schlumberger SLB.US +11.01% on an earnings beat, packaging firmed on stronger containerboard pricing, and Health Care gained on Tenet Healthcare THC.US +17.17%.
The technology drag of roughly -49 bps and the ex-technology bid of roughly +55 bps net to the S&P's near-flat close. The Dow outperformed because it carries less semiconductor weight; the Nasdaq lagged for the opposite reason.
Session highlights
- S&P 500 closed at 7,411.98 on 24 July 2026, up 0.05%, capping a week in which all three major indexes fell, led by the Nasdaq's 2% weekly decline.
- PHLX Semiconductor Index fell 4.25% to 11,818.89, the day's clearest driver, as questions over AI capital-spending returns and a firmer Fed-rate path hit the group.
- Apple AAPL.US rose 3.53% to $333.02 after Ford confirmed Apple Maps will be built into its next electric-vehicle platform, and led the Dow alongside Salesforce CRM.US +4.29% and IBM IBM.US +3.65%.
- American Express AXP.US fell 4.30% to $326.17, the steepest Dow decliner.
- Brent crude slipped 2.29% to US$98.38 and WTI eased 1.87% to US$90.47 as the Middle East risk premium came off.
Sector scorecard
- Best: Real Estate (XLRE) +2.22%
- Worst: Technology (XLK) -1.44%
- Dispersion (best minus worst): 3.66 pts
- 10 of 11 S&P sectors closed higher; technology was the only one in the red. Within it, Apple AAPL.US rose 3.53% while the semiconductor group fell 4.25%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| RNG.US | +25.09% | Q2 revenue $657M and EPS $1.22 beat; dividend raised to $0.125, AI now about 13% of recurring revenue |
| THC.US | +17.17% | Q2 adjusted EPS $6.12 topped the $4.23 consensus; Tenet lifted its 2026 outlook |
| IP.US | +11.21% | Packaging stocks rose on firmer containerboard pricing; International Paper reports 30 July |
| SLB.US | +11.01% | Q2 revenue $8.97B and EPS $0.55 beat on North America and Digital growth |
| DLR.US | +11.01% | Record data-center leasing and a raised 2026 core FFO outlook |
| MXL.US | -21.54% | Beat Q2 and guided Q3 above consensus, then fell on profit-taking and chip-sector selling |
| NBIS.US | -15.02% | AI-cloud names fell as investors questioned data-center spending returns |
| BE.US | -14.91% | Extended a slide from an 8 July short-seller report; profit-taking after a 140% year-to-date run |
| HIMS.US | -14.20% | FDA advisory panel voted 7 to 6 against the emideltide peptide; sell-the-news reversal |
| AEHR.US | -13.77% | Semiconductor-test name caught in the day's chip selling |
After-hours and earnings reactions
- DLR.US reported after the 23 July close and guided 2026 core FFO up to a range of $8.15 to $8.20 on cash renewal spreads above 25%, sending the shares 11.01% higher on 24 July.
- SLB.US beat on Q2 revenue and profit before the open and rose 11.01%, one of the few energy names to gain as crude fell.
- INTC.US fell about 3% even after forecasting quarterly profit and revenue above estimates, as the chip selling overrode the upbeat guidance.
- MMM.US rose 3.70% to $148.62 on a Q2 beat and a raised full-year outlook.
- TSLA.US fell a further 2.08% to $313.03, extending Thursday's 14.5% drop after operating margin compressed to 1.4%; Alphabet GOOGL.US steadied at +0.65% following Thursday's capex-driven fall.
Notable announcements
- AAPL.US gained 3.53% on the Ford Apple Maps integration and heads into its 30 July results, the largest of next week's reports.
- BE.US remains under pressure from the 8 July short-seller allegations on supply chain and production capacity.
Next session catalysts (ET)
- Mon 27 Jul: earnings season continues, with the next read on AI-infrastructure demand from the largest technology names due through the week.
- Wed 29 Jul: Smurfit WestRock SW.US reports Q2 results.
- Thu 30 Jul: Apple AAPL.US and International Paper IP.US both report.
- Ongoing: Middle East tensions and the latest US tariff announcements remain the macro overhang.
Context only, not financial advice. Track your own trades with Swingfolio.