Stock market futures slid on July 22, 2026, as investors braced for earnings from Alphabet and Tesla after the market close, with the tech-heavy Nasdaq-100 futures sinking 0.7%, according to Yahoo Finance.
Futures on the Dow Jones Industrial Average fell 0.1%, while S&P 500 futures declined 0.3%, extending pullbacks from a winning day on Wall Street the previous session. The retreat reflected investor caution ahead of the two tech giants’ second-quarter results, which were set to kick off a critical stretch of Big Tech earnings.
Alphabet was expected to report revenue growth of 21% and earnings growth of 25% in the second quarter, according to Wall Street consensus cited by The Globe and Mail. The company’s actual Q2 results showed revenue increased 22% to $109.8 billion, with net income jumping 82% to $5.11 per diluted share, surpassing analyst expectations. Investors were closely watching whether Google’s AI monetization efforts justify the company’s surging spending on artificial intelligence infrastructure.
The earnings season for Alphabet and Tesla represented a key test for the broader market’s AI trade. Tesla, like Alphabet, was also poised to report Q2 results after the close, with analysts particularly focused on the company’s capital expenditure plans as it moves into its next phase of automation and robotics development.
Beyond earnings, fresh tariffs and rising oil prices weighed on investor sentiment. President Trump was set to replace expiring 10% global tariffs with more permanent duties, including a potential 100% tariff on imported generic drugs. A new 25% tariff targeting Brazil came into effect on Wednesday, according to Yahoo Finance. Oil prices continued to climb as the U.S. began its 11th straight night of airstrikes against Iran, with the Defense Department disclosing to Congress that the U.S. has spent $37.5 billion so far on the conflict.
The pullback in futures underscored broader market anxiety heading into a week of heavy corporate earnings. Supermicro shares surged in premarket trading after the AI server maker reported a record backlog, while IBM was also scheduled to report Q2 results following a pre-earnings warning that caused significant stock losses the previous week.
Sources
- Yahoo Finance — Stock market futures movements, Alphabet and Tesla earnings dates, AI trade context, tariff details, oil price trends, and Defense Department spending disclosure
- The Globe and Mail — Wall Street consensus estimates for Alphabet Q2 earnings growth
