📈 Today's Market Pulse

🎯 Today's Recap

Friday, July 17 turned into a broad selloff with the S&P 500 dropping 1.01% to 7,457.69, the Nasdaq sliding 1.40% to 25,520.24, and the Dow shedding 406 points. It was the kind of Friday where traders were clearly trimming exposure heading into the weekend rather than chasing anything higher.

The day was not short on headlines, though. From mega compute deals to antitrust settlements and regulatory drama in broadcasting, there was plenty of news to digest. The problem was that most of it raised more questions than it answered, which is exactly the kind of uncertainty that keeps buyers on the sidelines.

Treasury yields dipped modestly, with the 10-year settling at 4.54% and the 30-year at 5.06%. Bitcoin held its own at just under $64,000, up slightly on the day, suggesting some investors preferred digital assets to equities heading into the close.

Jeff Bezos, Bill Gates, Warren Buffett Betting Big on This [ad]

📊 Today's Market Movers

▲ Gainers LCID ▲ +13.93% SLS ▲ +12.26% ORKA ▲ +11.63% DNTH ▲ +10.75% COAG ▲ +10.69%

▼ Losers ISRG ▼ -14.15% CDNS ▼ -9.47% PENG ▼ -8.43% SNPS ▼ -7.85% NFLX ▼ -7.26%

🚀 What Moved Markets

The biggest market narrative of the day was the AI infrastructure arms race, and it showed no signs of slowing down. The New York Times reported that Meta (META) is in talks to lease computing power to Anthropic in a potential $10 billion deal. Separately, the Wall Street Journal reported that SpaceX is in discussions to supply the Pentagon with billions in data center capacity to run AI models. Both stories underscore just how fiercely companies are competing to own the AI compute stack.

On the regulatory front, the FAA announced it will restore ticketing authority to Boeing (BA) for its 737 MAX and 787 aircraft starting next week, a meaningful milestone for the embattled manufacturer. Meanwhile, Apple (AAPL) is reportedly in early settlement talks with the DOJ over a 2024 antitrust lawsuit, which could remove a significant legal overhang for the stock.

The media sector got rattled after an FCC commissioner publicly stated that Trump's push to revoke broadcast licenses for ABC and NBC is unconstitutional, drawing attention to shares of Disney (DIS) and Comcast (CMCSA). Nike (NKE) did not help its own cause, with reports surfacing that the company ran out of U.S. soccer jerseys long after the team was eliminated from the World Cup, a logistical fumble that reinforced concerns about inventory management.

Elon’s Social Security Reset? [ad]

🎭 Investor Mood

The mood today was cautious but not panicked. Investors absorbed a heavy news cycle and chose to step back rather than step in, which is a rational response when so many of the stories involve negotiations, early talks, and regulatory uncertainty. Nothing is closed, nothing is final, and markets generally do not like paying full price for maybes.

The University of Michigan consumer sentiment survey offered a rare bright spot, showing that Americans' economic mood improved in July as gasoline prices fell. That data point matters because consumer spending is the backbone of U.S. economic growth, and if people are feeling a little better at the pump, that can translate into broader economic resilience.

Still, the trending stock list told a different story. Intuitive Surgical (ISRG) dropped nearly $57, Netflix (NFLX) fell $5.40, and Synopsys (SNPS) and Cadence Design Systems (CDNS) both shed significant ground. The EDA software pair likely felt pressure from broader tech weakness rather than company-specific news, but the magnitude of the moves signals that even quality names are not immune when sentiment turns.

The SpaceX IPO was just the beginning. Now Elon can execute the “Final Phase of his Master Plan” [ad]

🔍 Tomorrow's Watchlist

1. Meta (META) and Anthropic compute deal progress could reshape AI infrastructure valuations next week
2. Boeing (BA) FAA airworthiness authority restoration begins next week, watch airline delivery updates
3. Apple (AAPL) DOJ antitrust settlement talks could remove a key legal overhang if progress is reported
4. Hong Kong special trade status restoration signals improving U.S.-China relations worth monitoring
5. Consumer sentiment improvement from Michigan survey could support retail and consumer discretionary names

💸 The Takeaway

Heading into next week, the Meta and Anthropic compute deal will be worth watching closely. A $10 billion agreement of that scale would be a landmark moment for AI infrastructure investment and could set pricing benchmarks across the industry. Any confirmation or denial from either party could move shares in both directions.

The Boeing FAA restoration is another catalyst to monitor. Regaining the ability to issue airworthiness certificates independently is a big operational step, and it could accelerate delivery timelines that have been painfully slow for airline customers waiting on aircraft. Watch for airline sector reaction as the news settles in.

Finally, keep an eye on the Hong Kong trade status story. China confirmed that the U.S. is set to restore Hong Kong's special trading status, a notable geopolitical development that could ease some trade tensions and benefit companies with significant exposure to the region. In a week defined by deals and diplomacy, this one flew somewhat under the radar but could have real legs.

The System Holding the Dollar Together Is Gone... [ad]