The Prime Daily: 24 July 2026

Major U.S. stock benchmarks fell sharply as heavy losses in technology shares dragged the broader market lower. The Nasdaq dropped 2.2%, leading the decline, while the S&P 500 retreated 1.2% and the Dow Jones shed more than 500 points.

Investors grew increasingly uneasy about elevated capital spending among technology giants with no clear near-term payoff. Alphabet shares slid 7% — their steepest one-day decline since May 7, 2025 — after the company raised its full-year capital expenditure guidance to roughly $200 billion. Tesla tumbled nearly 15%, its worst session since March 10, 2025, after a second-quarter earnings miss revealed negative free cash flow. Amazon fell about 4% to $234.81 amid a Senate inquiry into alleged Chinese influence over its marketplace, along with broader concerns about AI infrastructure spending following Alphabet’s capex increase.

Nasdaq Inc. reported net revenue of $1.5 billion, up 15% year-over-year, with exchange-traded product assets under management surpassing $1 trillion for the first time and a record quarter for IPO listings, including SpaceX’s $86 billion offering. The results underscored resilience in exchange infrastructure even as tech- and energy-driven volatility unsettled broader equity markets.

The Trump administration is set to impose new tariffs — ranging from 10% to 12.5% — on dozens of countries over alleged forced-labour violations. The new duties will effectively replace the president’s temporary 10% global tariff, which expires as the new rates take effect; India has been placed in the lower 10% bracket.

The 10-year Treasury yield surged to its highest level in more than a year, trading between roughly 4.67% and 4.71%, as rising energy costs and a stronger-than-expected labour market fuelled concern that the Federal Reserve will hold off on easing policy.

Jobless claims fell to 187,000 — reinforcing bets that the Fed policy will stay restrictive. The dollar index rose about 0.3% to a three-week high near 101.40, while the euro slipped toward 1.1380 despite the ECB holding rates steady, with markets pricing in a strong chance of another ECB hike in September.

Oil prices spiked after Houthi forces struck Saudi tankers in the Red Sea, opening a new front alongside ongoing disruptions in the Strait of Hormuz. Brent crude topped $100 a barrel for the first time since late May. Crude is now up sharply both on the month and year-to-date, as continued U.S. strikes on Iran and collapsing ceasefire hopes reignite fears of persistent inflation.

The Indian rupee remains under heavy pressure due to elevated international oil prices, which threaten to expand India’s trade deficit and accelerate national inflation.

Nifty extended its losing streak for a fourth straight session, falling 124 points to close at 23,869, its lowest level in July. Deepening geopolitical tensions, persistent foreign outflows from domestic equities and strong dollar demand from importers continue to create structural pressure on the Indian rupee and equity markets.

Nifty has fallen below its key averages and headed towards the 23645-23500 zone, while 24,000–24,100 is likely to remain a strong resistance zone.