Week in Review: Volatile Tech Earnings Week Capped by Big Oil Results

Volatility was on display in the week that was: semiconductors recovered some from a selloff, crude oil prices spiked and reversed, the Federal Reserve kept interest rate hike risk alive, and return on invested capital was a major focus among earning reports.

For the week, the Dow Jones Industrial Average index ($DJI) and the S&P 500 Index (SPX) each rose about 1%. The small cap Russell 2000 Index (RUT) was flat. The tech-heavy Nasdaq-100 Index (NDX) inched ahead 0.5%, and the Philadelphia Semiconductor Index (SOX) slipped 4.3%.

The U.S. oil price benchmark was down for the week, but volatile, at near $87 per barrel after the close Friday.

Here are links with commentary on why ‘Investors Want to See the Receipts’ on A.I. Investments and what market observers had to say about big earnings reports, the Fed, interest rates, and the direction of the energy trade:

Microsoft (MSFT) got credit for reigniting the artificial intelligence trade as semiconductors rallied Thursday. Microsoft delivered the week’s biggest positive surprise, with Azure growth and strong free-cash-flow commentary convincing investors that AI spending is translating into real returns. The stock’s post-earnings rally helped revive the AI trade and supported broader sentiment.

Apple (AAPL) forecast September-quarter sales below Wall Street targets, and Chief Executive Tim Cook cited supply constraints for advanced chipmaking. This put the stock among the top five decliners in the S&P 500 Friday, despite quarterly revenue and profit that beat expectations, helped by strong iPhone and Mac sales. More on What Apple (AAPL) Must Prove to Justify a $5 Trillion Valuation

Meta Platforms (META) delivered strong revenue, but shares declined as investors focused on heavy AI infrastructure spending returns. See META Earnings Breakdown: AI Gains, Cash Flow Concerns & Options Trade Setup

Amazon.com (AMZN) reported strong AWS and advertising trends, offsetting concerns about higher capital spending and negative free cash flow. Amazon recently filed plans with the FCC to deploy up to 5,105 satellites using Globalstar (GSAT) spectrum to deliver mobile-related services across geographies. AMZN Benefiting From Retail, A.I. & Advertising Growth

Exxon Mobil (XOM) and Chevron (CVX) reported blockbuster quarters due to the oil price spike resulting from the U.S.-Iran war, putting their free cash flow on display. Based in the U.S. and among the largest energy companies in the world, the two companies' performances are tethered to the direction of oil prices, but Chevron shares moved higher while Exxon moved lower as adjusted earnings per share were slightly below analyst expectations. For more on Exxon options, see XOM, CVX Earnings Put Cash Flow and Refining in Focus & Options Trade

For more on this past week's Federal Open Market Committee 9-3 vote in favor of keeping interest rates steady, see: The 'Illusion of Calm' in Markets and more FedWatch video commentary.

Economic Calendar for Monday, August 3, 2026 (ET):

• 09:45 AM: S&P Global Manufacturing PMI Final (Jul)
• 10:00 AM: ISM Manufacturing PMI (Jul)10:00 AM: Construction Spending (MoM) (Jun)
• 02:00 PM: Senior Loan Officer Opinion Survey on Bank Lending Practices

Earnings Monday:

• Premarket: Tyson Foods, Inc. (TSN), Marriott International, Inc. (MAR), CNA Financial Corporation (CNA), EchoStar (ECHO)
• Postmarket: Palantir Technologies Inc. (PLTR), ON Semiconductor (ON), Snap Inc. (SNAP), Vertex Pharmaceuticals Incorporated (VRTX), Clorox Company (CLX), ONEOK, Inc. (OKE), Diamondback (FANG), SBA Communications Corporation (SBAC)

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