US Market Key News Summary July 24, 2026

Today's Market Outlook

US July Manufacturing PMI Preliminary

US June New Home Sales

Trump's New Tariffs Take Effect Friday! 60 Economies Hit with 10% to 12.5% Rates – Taiwan's Rate Announced

The United States has announced new tariffs ranging from 10% to 12.5% on imports from most major trading partners, aiming to combat forced labor. The new measures take effect at 12:01 a.m. Eastern Time on Friday, replacing the 10% temporary tariffs expiring at the same time. The Trump administration previously launched investigations into about 60 economies suspected of failing to prevent forced labor in supply chains and harming U.S. workers. Based on the findings, around 10 trading partners deemed to have established anti-forced labor regulations will face a 10% tariff, while dozens of others failing to meet standards will face a 12.5% tariff.

US Tech 'Magnificent Seven' Lose $797 Billion in Market Cap – Worst Day Since April 2025

The 'Magnificent Seven' U.S. tech giants suffered their worst single-day decline since the April 2025 tariff-driven market sell-off. Microsoft (MSFT-US), Amazon (AMZN-US), Apple (AAPL-US), Alphabet (GOOGL-US), Nvidia (NVDA-US), Tesla (TSLA-US), and Meta (META-US) collectively lost approximately $797 billion in market value. Alphabet and Tesla led the decline after reporting their Q2 earnings, with shares plunging 7% and 14%, respectively.

<Earnings> AI Infrastructure Boosts Intel: Q2 Revenue Sees Fastest Growth in Nearly 15 Years, Profits and Outlook Beat Expectations, Shares Surge 5% After Hours

Intel (INTC-US) released its Q2 2026 earnings, reporting a 25% year-over-year revenue increase driven by the AI infrastructure investment boom—the fastest quarterly growth since Q3 2011. Both profits and financial guidance exceeded market expectations, sending after-hours shares up as much as 11%, though gains later moderated. Intel's adjusted EPS was $0.42, well above the LSEG analyst consensus estimate of $0.21. Revenue reached $16.1 billion, surpassing the expected $14.42 billion.

Micron Rises Over 3% Despite Market Downturn; Musk Thanks for Significant Memory Chip Allocation

Elon Musk, during Tesla's (TSLA-US) Q2 earnings call on Wednesday evening, publicly thanked Micron Technology (MU-US) for providing Tesla with a 'very substantial allocation of memory chips' under 'reasonable terms' amid what he described as 'quite crazy' memory prices. Micron's stock rose 3.2% on Thursday, as investors interpreted Musk's comments as validation of a deepening strategic supply relationship between the two companies.

AMD Officially Challenges Nvidia! Helios Mass Production Underway, Shipments Begin Late Q3; OpenAI to Deploy at Scale by Year-End

AMD (AMD-US) CEO Lisa Su announced on Thursday (23rd) that Helios, the second-generation AI server targeting Nvidia's (NVDA-US) flagship products, has entered full-scale mass production and is expected to begin shipping by the end of Q3. OpenAI also announced it will deploy Helios racks at scale by the end of this year and accelerate adoption in 2027. Helios features AMD's latest MI455X AI accelerator and the next-generation CPU codenamed Venice, both manufactured by TSMC (TSM-US) (2330-TW).