Wall Street ends mixed ahead of big tech earnings

U.S. stocks finished in mixed territory on Monday as investors adjusted positions ahead of a packed week featuring mega-cap technology earnings and a Federal Reserve policy decision. The Dow Jones Industrial Average rose 0.5%, the S&P 500 ended roughly flat, and the Nasdaq slipped marginally, reflecting uneven risk appetite going into key catalysts.

Traders have been navigating ongoing volatility in semiconductors and energy while preparing for quarterly results from some of the market’s most influential companies. With major reports due in the next two days, investors are weighing whether recent performance in large-cap technology can be sustained without earnings beats and clear guidance on growth.

Microsoft, Amazon, Meta and Apple results take center stage Market attention is focused on upcoming quarterly reports from Microsoft, Amazon, Meta and Apple. Among that group, Apple is the only company cited as showing notable gains so far this year, according to the source material, a detail that underscores how uneven performance has been even within the largest technology names.

Skyler Weinand, chief investment officer at Regan Capital, said investors could respond sharply if results do not exceed expectations. He described a scenario in which profit-taking accelerates, particularly if participants decide to protect year-to-date gains of around 10% to 15% rather than remain exposed to potential downside.

Weinand also said he does not view heavily run technology names tied to the AI buildout of the past 18 to 24 months as an attractive entry point at current levels. He added that he would rather focus on areas that have lagged, and pointed to auto manufacturers and defense companies as sectors that, in his view, can continue generating earnings regardless of how AI-related spending evolves.

Semiconductors extend selloff as China-related developments emerge

Semiconductor shares remained under pressure. The Philadelphia semiconductor index fell more than 2% on Monday, extending its decline; it is about 21% below its record close on June 22, but still up roughly 63% year-to-date in 2026, data showed.

Developments linked to China added another layer of focus for chip investors. Chinese chipmaker CXMT debuted on Monday, and a repoSources said China has started manufacturing homegrown deep ultraviolet chipmaking tools, a move described as adding competitive pressure for U.S. semiconductor firms.

Energy stocks dip after Trump comments on Iran talks Energy-related moves also influenced trading after President Trump said the administration was having “good talks” with Iran, while warning that U.S. strikes would resume if negotiations failed. In equities, Exxon Mobil and Occidental Petroleum closed lower, with Occidental down more than 4%.

Fed meeting begins July 28 as markets price steady rates Macro attention is set to shift to the Federal Reserve’s two-day policy meeting beginning Tuesday, July 28, 2026. Traders are assigning better than a 60% chance that the central bank will keep rates unchanged, according to the CME FedWatch tool.

With mega-cap technology earnings and the Fed decision landing in the same window, market participants are expected to weigh earnings beats or misses against growth expectations and AI spending plans. Officials have not yet provided outcomes, leaving uncertainty over how quickly investor flows may rotate between mega-cap technology and more economically sensitive cyclical stocks.