Markets Brace for Big Tech Earnings Amid Oil Shock

The Biggest Story: Oil Tops $100

Crude oil has broken through $100 a barrel. The move comes as Middle East tensions escalate sharply. Trump's comments about a potential "massive attack" sent Brent surging. US stocks and bonds sold off together. The FT reports Houthi attacks are now threatening Saudi Arabia's oil supplies directly. Inflation fears are back in focus. Rate expectations are shifting in response.

Earnings Week Heats Up

The earnings calendar is loaded. Microsoft reports Q4 2026 results Wednesday, July 29 — the week's most watched event. AI cloud growth is the key metric. Short sellers are already clearing the decks: MSFT short interest collapsed 94% this week to just 0.06% of free float. Bears are not fighting that one. Apple and Amazon also report later in the week. S&P Global and Centene kick things off Tuesday. SAP in Europe has already reported Q2 2026 results.

Bears and Analysts Diverge on Tech

Bearish options flow is clustering in names that have struggled in 2026. Oracle is down 35% year-to-date with an RSI of 32. ServiceNow has shed 38%. Yet analysts still see 97% upside on Oracle — a rare gap between Wall Street targets and market reality. Put pressure on Tesla and Netflix remains heavy too.

Notable Insider Signal

Elevance Health CEO Gail Boudreaux bought over $1.3M in company stock on July 17. That is a notable show of confidence at a major US health insurer. Meanwhile, billionaire Carlos Slim filed showing he sold more than $53M of PBF Energy stock — the week's largest disclosed disposal.