Iran latest, Apple drops and AI pressures drag markets
By Tom LoBianco | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: The latest developments in Iran continued to dominate markets, as the recent deaths of U.S. service members and promised retaliation from President Trump offered little hope of a short-term peace deal. Apple’s stock dropped about 2% and Intel announced more layoffs throughout the country as part of its ongoing restructuring.
The S&P 500 closed at 7,443.28, down 0.19%. The Nasdaq closed at 25,508.07, down 0.05% and the Dow closed at 51,839.26, down 0.59%. Treasury yields on the 10-year notes rose more than 5 basis points to 4.594% and short-term yields on 2-year notes climbed 3 basis points to 4.211%. Brent crude oil closed trading at $89.22 a barrel, up 1.3%.
Today’s Focus: Earnings led the day Tuesday, with General Motors and 3M both reporting before the opening bell. GM posted adjusted earnings of $3.57 a share on $48.0 billion in revenue, topping estimates near $3.13, and raised its full-year guidance for the second time this year. 3M also beat expectations, reporting adjusted EPS of $2.40 on revenue of $6.5 billion and raising its full-year outlook. GM’s results suggest vehicle prices are likely to stay firm even as sales volumes soften, while 3M’s points to resilient industrial demand feeding into everyday goods.
ON THE SCHEDULE FOR TUESDAY, JULY 21, 2026
-Earnings – 3M, General Motors, Halliburton
-Wednesday earnings – Alphabet, Tesla, AT&T
-Thursday, 8:30 a.m. ET – Initial jobless claims
-Thursday earnings – Intel, Comcast, Honeywell
-Friday, 9:45 a.m. ET – S&P Global Flash U.S. Manufacturing and Services PMIs (Preliminary, July)
-Friday, 10:00 a.m. ET – New Residential Sales (June)
-Friday earnings – American Express, Verizon
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