Dow-Led Rotation Leaves Nasdaq Behind as Intel Fades — Market Pulse for July 24, 2026

Friday, July 24, 2026

What You Need To Know

Friday has opened as a Dow-led rotation inside a broadly cautious tape.

At the 10:05 a.m. ET data freeze, DIA was up about 0.20% from Thursday's regular-session close while SPY was nearly flat, IWM was down 0.23%, and QQQ was down 0.81%. Intel's strong report did not reverse the hierarchy. INTC was down about 3.59%, SMH 2.27%, and SOXX 3.10% after Intel's after-hours earnings spike faded at the cash open.

The cross-asset backdrop is less hostile than Thursday. WTI crude was near $90.09, back inside today's expected-move field and below Thursday's $91.60 anchor. The 10-year Treasury yield remained near 4.68% even after stronger services activity and firmer new-home sales. Technology is therefore lagging despite softer oil and yields, which makes the weakness more company-, sector-, and positioning-specific than Thursday's macro-led selloff.

The July data did not signal a growth scare. Flash services PMI jumped to 53.6, manufacturing remained expansionary at 53.8, and June new-home sales reached a 628,000 annual rate after a large upward revision to May. The market still refused to reward semiconductor earnings. That is the central message of the opening hour.

Today's decision map starts with four questions:

1. Can YM and DIA maintain their leadership without the rest of the tape rolling over?
2. Can NQ, QQQ, Intel, and semiconductor ETFs stop underperforming after the data?
3. Does WTI remain below $91.60, or does it reclaim Thursday's anchor and restore macro pressure?
4. Does the 10-year stay below 4.70% while the market digests stronger services and housing activity?

A Dow-led rotation can continue without every index turning green. Broader risk-on confirmation requires QQQ, semiconductor breadth, and VXN to stop moving in the wrong direction.

Prior Session

Thursday produced the market's worst major-index decline