Nasdaq climbs ahead of Tesla and Alphabet earnings
Published on July 22, 2026
The Nasdaq climbs ahead of Tesla and Alphabet earnings, due after the close this Wednesday, July 22, 2026. Wall Street just wrapped a chip-driven rally and now faces the real test of this earnings season: whether AI demand can back it up.
Chips lift the Nasdaq before the real test
The Nasdaq Composite gained 1.29% on Tuesday to close at 25,837, the S&P 500 added 0.89% to 7,509, and the Dow rose 0.74% to 52,225, according to figures reported by The Motley Fool. The trigger: Micron jumped 12% to $971.59 after strong South Korean export data confirmed solid demand for AI-linked memory chips.
That tech rebound sets the stage for the real event of the week: Tesla and Alphabet report earnings after the closing bell tonight, around 4 p.m. ET.
What Wall Street expects from Tesla and Alphabet earnings
Tesla delivered a record 480,126 vehicles in the second quarter, up 25% year over year, according to TradingKey. The Street expects revenue of $26.4 billion and earnings per share of $0.54, though estimates range widely from $0.36 to $0.54, a sign of real doubt over margins. Options are pricing a 7.6% move in either direction once the numbers land.
Wall Street clearly favors Alphabet. Per TipRanks, the stock carries a Buy consensus with 23% upside potential, against just 3% for Tesla. Andrew Boone at Citizens JMP keeps a Buy rating with a $515 price target, pointing to cloud and generative AI adoption still in its early stages. Justin Patterson at KeyBanc raised his target to $445 from $425, arguing the market is underestimating how long search and cloud growth can last.
Tesla views stay split. Colin Langan at Wells Fargo raised his target to $130 but kept a Sell rating, flagging pricing pressure. Dan Levy at Barclays targets $370 and stays at Hold, betting on the robotaxi rollout and self-driving progress.
A strong earnings season for US indices so far
86 S&P 500 companies report this week. Blended earnings growth stands at 24.7% year over year, above the 23.3% expected at the start of the quarter, according to data cited by Forbes. The "Magnificent Seven" are expected to post 31.1% growth, far outpacing the rest of the market. Intel also reports this week, per TechTimes, another test for AI spending confidence.
Elsewhere, the VIX fell 6% to 17.5 according to Yahoo Finance, a level that points to a real return of risk appetite. Gold gained about 1.75% to roughly $4,080, and oil moved higher too, with Brent trading near $90 as US-Iran tensions persist. Bitcoin rose about 1.6% past $66,000, riding the same wave of risk appetite.
Europe had a more mixed session Tuesday: the CAC 40 lost 0.47% to 8,338, the DAX slipped 0.34% to 24,831, while the FTSE 100 gained 0.27% to 10,600, per Armstrong Economics.
On the technical side, Brisk Markets puts immediate Nasdaq 100 resistance between 29,000 and 29,100, with support near 28,900. For the S&P 500, DailyForex places resistance near 7,600, with an upside target of 7,800 on a breakout.
Key levels today
| Instrument | Level (support/resistance) | Change (prior day) | Scenario to watch |
|---|---|---|---|
| Nasdaq 100 (futures) | Support 28,900 / Resistance 29,100 | +1.29% | Above 29,100 → target 29,300 then 29,500. Below 28,900 → pullback toward 28,500. |
| S&P 500 | Resistance 7,600 / Target 7,800 | +0.89% | Break above 7,600 → path to 7,800. Drop below the 50-day EMA → added caution. |
Economic calendar
- Wednesday, July 22, around 10 p.m. Paris time: Tesla and Alphabet report after the US close. If Tesla margins disappoint, the stock and the Nasdaq could slip at Thursday's open. If Alphabet confirms cloud momentum, the whole tech sector could benefit.
- Thursday, July 23, 2:30 p.m. Paris time: weekly US jobless claims. A higher-than-expected number would signal a cooling labor market, likely read as supportive for a friendlier Fed.
- Thursday, July 23: Intel earnings expected, another test for confidence in AI spending.
- Next week: the Fed's FOMC meeting on July 28-29, with a decision due Wednesday, July 29 around 8 p.m. Paris time. A hold is the base case; any shift in tone on rates would move indices and the dollar.
The bottom line
The Nasdaq is riding a chip-driven rebound, but tonight's Tesla and Alphabet earnings are the real test. US indices keep their positive bias as long as results back up AI demand.
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This is not investment advice. This content is for informational purposes only.