July 24, 2026

US stocks decline as earnings season continues

International

The main US stock indexes closed yesterday with widespread declines. The S&P 500 fell 1.2%, while the Nasdaq dropped 2.2% and the Dow Jones declined 1.0%. Year to date, however, all three indexes are still positive: the S&P 500 is up 8.2%, the Nasdaq 8.2%, and the Dow Jones 7.6%.

As for US Treasury yields, increases were observed across the entire curve. The 1-year Treasury note moved from 4.10% to 4.12%, while the 3-year note rose from 4.34% to 4.39%. Meanwhile, the 10-year Treasury note climbed from 4.65% to 4.69%.

Finally, regarding commodities, movements were mixed. Gold fell 2.0% to USD 4,049.5 per ounce. Soybeans, on the other hand, rose 0.4% to USD 454.7 per ton. In the energy sector, oil saw significant gains: WTI advanced 6.2% and Brent 7.0%, closing at USD 92.2 and USD 100.7 per barrel, respectively.

On the economic front, Japan's National Consumer Price Index (CPI) for June was released, registering a year-on-year increase of 1.7%, up from the previous 1.5%. Core inflation, which excludes fresh food, rose 1.6% year-on-year, in line with analysts' expectations and higher than the previous 1.4%. Also in Mexico, the seasonally adjusted unemployment rate for June was released, coming in at 2.90%, above both the 2.80% forecast by analysts and the 2.80% recorded the previous month.

Regarding the corporate earnings season, Intel and RTX Corp. reported yesterday, both exceeding expectations. Intel reported earnings per share (EPS) of $0.42, compared to analysts' estimates of $0.21, with revenue of $16.13 billion versus the projected $14.33 billion. RTX Corp., meanwhile, reported EPS of $1.89, surpassing the estimate of $1.66, and revenue of $24.7 billion, exceeding the expected $22.88 billion. American Express and Verizon released their results today: American Express reported earnings per share (EPS) of $4.53, above the expected $4.40, although revenue of $19.64 billion was slightly below the estimated $19.69 billion. Verizon, meanwhile, reported EPS of $1.30, exceeding the projected $1.28, with revenue of $34.3 billion compared to the anticipated $35.28 billion. Exxon Mobil will report its results later today, with analysts anticipating EPS of $3.66 and revenue of $110.25 billion.

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