US stocks close | 7/24 Friday

Tech stocks were brutally sold off, with the Nasdaq plunging 2.15% to lead the three major indexes lower. Tesla’s earnings warning wiped out 14.5% in a day. Big spending on Google’s AI also rattled the market, and the VIX surged 12%. Funds moved aggressively out of tech and into industrial and healthcare defensive plays.
Top gainers
MU Micron +3.20%
> Bank of America is highly bullish, citing 83% upside potential; the company’s $250 billion U.S. capacity expansion plan continues to gain momentum
SMCI Super Micro Computer +2.09%
> Improved gross margin, a record backlog of $60 billion in orders; SpaceX collaboration news boosts confidence
LLY Eli Lilly +1.97%
> Ahead-of-earnings positioning; expectations for the obesity-drug pipeline remain optimistic
Bottom losers
TSLA Tesla -14.52%
> Q2 earnings profit collapsed; deliveries beat expectations but profitability came far below forecasts, marking the biggest single-day drop so far this year
GOOGL Google -7.13%
> Q2 revenue beat expectations, but escalating AI capital expenditures triggered profit-margin panic; capex is consuming free cash flow
AMZN Amazon -4.57%
> Slumped ahead of the July 30 earnings report after being sold off with the tech sector; the market worries about slowing AWS growth
META Meta -3.36%
> Fell in line with the tech selloff; AI infrastructure spending is also under scrutiny
Sectors
Industrials XLI +1.73% led / Healthcare XLV +1.26% strengthened / Consumer XLY -4.61% sank hard (Tesla’s weighting dragged)
The tape looks like a typical earnings-season tech selloff, with capital rapidly exiting overvalued AI-related stocks. The VIX is still below 18, not exactly panic, but Google’s capex numbers have poured cold water on the entire AI narrative, and the market is starting to do the math seriously. Next week’s Amazon and META earnings are key.
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