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What Happened in Markets Today

Taiwan Semiconductor Manufacturing posted its fifth straight quarter of record earnings earlier today, but that wasn't enough to cheer investors. The Nasdaq slipped 1.5%, with Sandisk, Western Digital and Marvell among the biggest losers. The PHLX Semiconductor index was off 4.3%. SpaceX's post-IPO performance is trailing among this year's top 10 blockbuster debuts. Its shares closed at $131.11, below the rocket maker's $135 IPO price for the first time.

The Dow index held up better, falling 0.2%. The index was helped by a rotation out of tech as Nike added 4.2% while McDonald's gained 3.2%. Also advancing was UnitedHealth Group, which beat analysts' expectations and raised its earnings forecast. Its shares rose 1.2%.

After taking a pause overnight, oil prices have been more volatile as investors digest the possibility of further escalation in the Middle East. Brent crude, the international benchmark, was hovering around $84 a barrel.

Economic data showed cooling consumer demand. Retail sales grew a modest 0.2% in June, in line with expectations. It was a sharp deceleration from May's 1% gain. Meanwhile, Dallas Fed President Lorie Logan warned that progress toward the Fed's 2% inflation goal was still insufficient, suggesting she could dissent in favor of raising interest rates rather than holding them steady.

Markets at a Glance

One Big Story

A nearly 40% slide in shares of Michael Saylor's bitcoin-hoarding company this year hasn't fazed its most fervent believers. Strategy recently unveiled a turnaround plan that includes buying back stock, selling bitcoin and boosting its cash reserve to $3 billion.

What's Coming Up

   -- Regions Financial, Fifth Third Bancorp, Truist Financial, and Travelers 
      will report earnings. 
 
   -- Investors will parse a final round of economic data for the week, 
      including June housing starts, industrial production, and the preliminary 
      University of Michigan consumer sentiment survey. 

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About Us

Markets P.M. catches you up on the day's most important markets moves, delivered after the closing bell. This email was written by David Wainer for Heard on the Street, The Wall Street Journal's home for financial analysis and commentary. To send us your feedback, reply to this email. Got a tip for us? Here's how to submit.

(END) Dow Jones Newswires

July 16, 2026 16:15 ET (20:15 GMT)

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