Nasdaq Index: Intel Reversal Tests Nasdaq Support as Apple Lifts the Dow

• Intel reversed early gains despite beating estimates with 25% revenue growth, as traders demanded proof that AI spending generates free cash flow before rewarding valuations
• The Nasdaq fell 2.1% for the week and closed below the June 9 bottom at 24,980.38, putting the 200-day moving average at 23,943 and the 50% retracement level at 23,940 in focus
• Semiconductor stocks broadly declined with VanEck Semiconductor ETF down 3% and Broadcom, AMD, and Micron falling 2.7% to 7%, while next week's big tech earnings will test whether AI investments are producing sufficient revenue and cash flow

Market Summary: Mixed Session as Apple Lifts Dow While Intel Reversal Pressures Nasdaq

Key Market Movements

On July 25, 2026, U.S. indices closed mixed as diverging sector performances created a split market. The Dow Jones Industrial Average gained 235.60 points (+0.46%) to close at 51,947.25, while the Nasdaq Composite fell 0.64% to 24,975.82. The S&P 500 finished essentially flat, up 0.05% at 7,411.98.

For the week, all three indices posted losses: Nasdaq down 2.1% (second consecutive decline), S&P 500 down 0.6%, and Dow down 0.4% (third straight weekly loss).

Company Performance

Apple (AAPL) surged 3.5%, providing critical support to the Dow ahead of next week's earnings report. The stock approached its all-time high of $334.99, nearly erasing four days of losses.

Intel (INTC) plummeted nearly 8% despite reporting better-than-expected Q2 results with 25% year-over-year revenue growth. The stock reversed early gains, closing near $91.49 as investors demanded proof that AI spending generates free cash flow, not just revenue growth.

Broader semiconductor weakness impacted Broadcom, AMD, and Micron, which fell between 2.7% and 7%. The VanEck Semiconductor ETF dropped 3%.

Materials sector outperformed, with Digital Realty jumping 11% on raised guidance and packaging companies (International Paper, Smurfit WestRock, Packaging Corp) gaining 8.8%-11.2%.

Market Implications

The Nasdaq closed below the critical June 9 support level of 24,980.38, targeting the 200-day moving average at 23,943.10. Next week's earnings from Microsoft, Amazon, Meta, and Apple will be crucial in determining whether technology buyers return or selling accelerates. The market increasingly demands AI investments demonstrate tangible cash flow generation.