July 24, 2026 – US Market Briefing | New Tariffs Hit 60 Nations; Memory Chips Plunge 7% in a Day
The Dow rose 0.46% to close at 51,947.25 points, the S&P barely turned positive with a 0.05% gain to end at 7,411.98, while the Nasdaq fell 0.64% to settle at 24,975.82. The three major indices split—divergence centered squarely on tech stocks.
The memory chip index tumbled roughly 7.3%, dragging XLK down 1.44%. On the same day, SK Group Chairman Choi Tae-won said he’d push NVIDIA’s Jensen Huang for more DRAM chips—a clear demand-side signal. Yet the market didn’t buy it. Why? Straightforward: The White House announced new tariffs of 10% to 12.5% on trade partners including the EU and China, covering a staggering 99.4% of imports. Chips sit at the heart of global supply chains; with such broad tariff coverage, cost uncertainty from policy shocks now outweighs demand certainty in spooking investors.
Where did capital flee instead? Real estate surged 2.22%, materials jumped 1.93%. Two clear threads: First, rate expectations stabilized—Polymarket puts a 73% probability on rates holding steady through July; the 10-year Treasury yield dipped ~2.4 basis points to 4.68%, giving real estate stocks first-mover advantage. Second, under tariff pressure, domestic materials gain pricing power as import substitution logic gets re-priced into valuations.
The Middle East situation is far messier than headlines suggest: US forces fired on a merchant vessel in the Gulf of Oman, disabling it; Bahrain’s base was hit by missiles and drones; transit risks through the Strait of Hormuz are rising, forcing Saudi Arabia to reroute around Africa at higher cost. Logically, oil should spike—but WTI closed down 1.87% to $90.47 amid wild intraday swings. The demand-shock expectations from tariffs across 60 nations now outweigh geopolitical supply premiums. Oil struggling near the $90 level signals markets are pricing in global trade contraction—a signal far more critical than index moves alone.
The VIX sits at 18.58; despite tariff hikes and escalating conflicts, panic hasn’t breached the 20 threshold—markets clearly view these shocks as digestible. Meanwhile, SpaceX’s Starship successfully lifted off during its first post-IPO test flight, with Super Heavy separating on schedule. Sentiment in aerospace ticked up, but impact remains limited. Robinhood is in talks with Crypto.com over a prediction markets partnership—a strategic move by brokerages hunting for new volume engines; nothing to price yet short-term.
Two things to watch next: If WTI cracks below $88, demand expectations are deteriorating further—valuation pressure will mount across commodities and tech alike. And if the memory chip index falls three straight days without stabilizing, SK’s “chip demand” narrative loses credibility; tariff-driven disruption to semiconductor supply chains may prove far more persistent than any one-off negative headline.