| 📊 Alain’s Holdings — July 23, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 678.61 | -8.42 | -1.23% |
| QQQ | Invesco QQQ Trust | 691.96 | -13.39 | -1.90% |
| XIU.TO | iShares S&P/TSX 60 ETF | 52.43 | -0.40 | -0.76% |
Wall Street suffered its sharpest decline in weeks as disappointing market reactions to Alphabet and Tesla earnings combined with surging oil prices to reignite concerns about inflation and the cost of the artificial intelligence revolution.
The Nasdaq Composite plunged 2.1%, the S&P 500 fell 1.2%, and the Dow Jones Industrial Average lost 0.9%. Technology stocks led the selloff, while energy companies were among the few bright spots.
AI Spending Faces Its Biggest Test Yet
For months, investors have embraced the AI revolution.
Today, they asked a much tougher question:
How much is too much to spend?
Alphabet delivered another strong quarter operationally, but investors focused on management’s decision to increase capital expenditures even further. The market is no longer questioning whether AI will change the world.
It’s questioning when those investments will produce meaningful financial returns.
Tesla faced similar skepticism.
CEO Elon Musk described 2026 as a “massive capex year,” with billions of dollars expected to flow into Optimus humanoid robots, robotaxis, AI computing infrastructure, and data centers.
While investors generally agree these technologies have enormous potential, many are becoming less willing to finance unlimited spending without clearer evidence of future profitability.
Oil Breaks Above $100
Another major story came from the energy market.
Brent crude oil climbed above $100 per barrel after expanded military action in the Middle East and new attacks on oil tankers in the Red Sea heightened fears of supply disruptions.
Higher oil prices immediately pushed Treasury yields higher as investors worried that inflation could accelerate once again.
The 10-year Treasury yield reached its highest level in roughly eighteen months, reducing expectations that the Federal Reserve will have room to ease monetary policy anytime soon.
The Economy Remains Strong
Ironically, the U.S. economy continues to demonstrate remarkable resilience.
Weekly unemployment claims fell to 187,000, the lowest reading since 1969.
Normally, exceptionally strong labor data would be welcomed by investors.
Today, however, it reinforced concerns that a resilient economy combined with higher oil prices could keep inflation elevated for longer.
The Big Picture
Today’s market marks an important shift in investor psychology.
For nearly two years, markets rewarded companies for spending aggressively on artificial intelligence.
Now investors want evidence that those investments will generate attractive returns.
Artificial intelligence remains one of the most important technological revolutions in decades.
But markets are increasingly distinguishing between:
- Great technology…
- and great investments.
That distinction may define the second half of 2026.
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