What Moved Markets This Week

Wall Street’s major averages saw a second week of losses tied to higher oil prices and struggling technology stocks after some of the biggest names reported earnings.

Some of the big tech stocks that posted earnings reports included Alphabet ( GOOGL ), ( GOOG ), Tesla ( TSLA ), Intel ( INTC ), and International Business Machines ( IBM ), among others.

Tesla ( TSLA ) was among the tech companies that saw big losses—dropping almost 18% this week—as tension in the Middle East and new imposed new tariffs drove a selloff. The company posted a miss in EPS and a beat in revenue.

In addition, Alphabet ( GOOGL ), ( GOOG ) declined almost 10.5% this week despite an overall positive earnings report.

President Donald Trump imposed an new 50% levies on certain Canadian goods as retaliation for "discriminatory treatment of American products," according to the White House.

Regarding geopolitics, the U.S. launched airstrikes targeting Iran in retaliation for an attack in Jordan that killed two American service members. Trump also said he might resume major military operations in the Middle East. He said he was deciding whether to authorize “a massive attack, bigger than ever before” but had not reached a final decision.

Crude oil futures ( CL1:COM ) dramatically rose 9.6% this week to settle around $90.42 as of post-market Friday. Brent futures ( CO1:COM ) also jumped 11.6% to $98.34 per barrel, after having surpassed $100 mid-week.

In economic news, the year-ahead business inflation expectations eased in July, while the U.S. PMI Composite rose to 53.6 in July, vs. 54.2 consensus, according to preliminary data released by S&P Global.

For the week, the S&P ( SP500 ) lost 0.6%, while the tech-heavy Nasdaq Composite ( COMP:IND ) was 2.1% lower, and the blue-chip Dow ( DJI ) dropped 0.4%.

Airbus ( EADSF ) has provided a timeline for its next narrow-body aircraft, while Boeing ( BA ) believes it needs more time to get its finances in order before rolling out a new jet. But their customers are more concerned about getting their deliveries on time.