Stocks Churn Before Big-Tech Earnings | The Close 7/22/2026

THE COUNTDOWN IS ON . EVERYTHING YOU NEED TO GET THE EDGE AT THE END OF THE MARKET DAY . THIS IS "THE CLOSE." ROMAINE: CAN THE MAG 7 BE MAGNIFICENT AGAIN ? WE ARE ONE HOUR AWAY FROM FINDING OUT. . HEAR FROM BLOOMBERG HEADQUARTERS IN NEW YORK, I'M ROMAINE BOSTICK . KATIE: I'M KATIE GREIFELD. . WE ARE KICKING UP TO THE CLOSING BELL HERE IN THE U.S . HERE IS THE SET UP AS WE COUNT ON TO THAT BIG ERNIE'S CALENDAR AT THE END OF THE TRADING DAY . S&P 500 PRETTY MUCH UNCHANGED RIGHT NOW, GIVING BACK EARLIER GAINS . A LITTLE BIT MORE DRAMATIC WHEN YOU LOOK AT THE NASDAQ 100 , DOWN 0.3% . ALPHABET, TESLA, TEXAS INSTRUMENTS, SERVICE NOW ALL IN THE 4:00 HOUR . MEANWHILE, TAKE A LOOK AT BRENT HIGHER BY 3.6% RIGHT NOW , TRADING WITH A $94 HANDLE, SENDING YIELDS HIGHER ONCE AGAIN . 10-YEAR TREASURY YIELD HIGHER BY THREE BASIS POINTS . ROMAINE: THAT IS THE SET UP TO THE COUNTDOWN TO THE CLOSE , COUNT ON TO THOSE BIG TECH EARNINGS . WE SHOULD POINT OUT THAT TEXAS INSTRUMENTS IS THE ONLY STOCK IN THE GROUP TO POST ANY MEANINGFUL GAINS OVER THE PAST THREE MONTHS , AS INVESTORS WAKE UP TO THE ANALOG CHIPMAKERS ROLE IN THE AI RACE . FOR THE REST OF TODAY'S LOT, INVESTORS NEED TO SEE THE BILLIONS OF DOLLARS SUNK INTO BEING AI CHAMPIONS IS INDEED PAYING OFF . LAST REPORTING SEASON, ALPHABET AND IS GOOGLE CLOUD BUSINESS EMERGED AS THE STRONGEST PROOF OF CONCEPT FOR MONETIZING THE AI BOOM . THEY POSTED YEAR-OVER-YEAR DIVISION GROWTH OF 66%, DOUBLE ANY OTHER DIVISION , OPERATING INCOME ACTUALLY TRIPLED. . TIMES HAVE CHANGED . THE STOCK MIGHT JUST GET PUNISHED . NEXT YEAR, THAT IS UP FROM THIS YEAR . SECOND QUARTER ALONE WE ARE EXPECTING 95% OF NAMES TO GO TOWARD CAPEX . BY THE END OF THE YEAR, COMPANIES SPENDING MORE IN ON THEIR EARNINGS AND PROFITS . ROMAINE: EXPECT SOME VOLATILITY IN THE SHARES TODAY . IN FIVE OF THE PAST EIGHT EARNINGS, THE STOCK DID CHURN MORE THAN WHAT THE OPTIONS MARKET WAS TELEGRAPHING