SHARESIES · MARKET MOVEMENTS · 22 JULY 2026
Jacki Neumann, Head of Capital Markets at Sharesies
Note: Filmed Tuesday 21 July
↑ WHAT’S UP — As US–Iran tensions re-escalated, Brent crude oil spiked more than 13% for the week. US banks posted strong results on record ECM and trading revenue off the back of the SpaceX IPO and AI infrastructure fundraising.
↓ WHAT’S DOWN — A tech-led sell-off pulled the S&P 500 down 1.5% and the Nasdaq 2.9%. The Philadelphia Semiconductor Index tumbled almost 10%, closing more than 20% below its June peak. Materials and tech led an ASX pullback.
! BIGGEST SURPRISES — June US inflation came in cooler than expected, even as several Fed officials stayed hawkish. China's Q2 GDP grew just 4.3% — its weakest since late 2022 — with a knock-on risk for Australian iron ore names like BHP, Rio Tinto and Fortescue.
◎ WHAT TO WATCH — Earnings season steps up this week, with Alphabet and Tesla both reporting. On Thursday the ECB delivers its rate decision, with a hold expected, and Australia's June jobs data lands, with unemployment tipped to stay near 4.4%.
◈ BIGGER PICTURE — Debate over the cause of the semiconductor sell-off: capex sustainability, open-source competition, an AI earnings bubble? The next few weeks of tech earnings reporting should show whether this was a healthy reset or the start of something bigger.
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