US: Nasdaq lags on angst over AI spending ahead of earnings reports - The Business Times

• American Express reported strong Q2 earnings, featuring a 10% revenue increase and earnings per share (EPS) that exceeded analyst estimates. • CEO Stephen Squeri attributed the growth to high consumer confidence and a 40% year-over-year surge in spending among Gen-Z customers.

• IBM stock shares rose by 3.7% today following a period of volatility. • The price increase is attributed to a market rebound after the company released its second-quarter update.

• Wall Street ended a volatile trading week on Friday with mixed results, as the Dow Jones and S&P 500 posted modest gains while the Nasdaq slipped. • The market volatility follows June payroll growth figures that came in below expectations, though the unemployment rate remained steady at 4.2%.

• S&P Global is scheduled to release the July flash Purchasing Managers Indices (PMIs) for the United States this Friday. • These surveys gather data from top private-sector executives to provide an early indicator of the nation's overall economic health.

• The Services Purchasing Managers' Index (PMI) has surged, surpassing both previous levels and market forecasts. • This growth indicates significant strength and resilience within the service sector of the economy.

• Seoul stocks ended a three-day winning streak on Friday, with the benchmark Korea Composite Stock Price Index plummeting nearly 6 per cent. • The sharp decline was triggered by escalating tensions in the Middle East, which significantly reduced investor risk appetite.

• IBM reported its Q2 2026 earnings, characterized by modest revenue growth and a sharp decline in stock price despite non-GAAP earnings per share edging higher. • The company's software segment emerged as a positive highlight, while the infrastructure division faced headwinds and consulting revenue remained flat.

• Risk-off sentiment dominated the Asia session on July 24, 2026, as escalating Middle East tensions pushed crude oil prices above $100 per barrel and renewed global inflation concerns. • Canadian retail sales rose 1.0% in May with further increases expected in June, signaling consumer resilience and supporting the CAD, with USD/CAD trading between 1.4070 and 1.4080.

• South Korea's five largest financial groups achieved a record combined net income of 13.12 trillion won ($8.97 billion) during the first half of the year. • Shinhan Financial Group contributed to this growth with a 13.3 percent profit increase, driven by a 19.7 percent rise in noninterest income.

• The KOSPI plunged 5.72% to 6690.62 on the 24th, while the KOSDAQ dropped 5.32% to 748.22, triggering a sidecar for the 23rd time since May 27. • Market volatility was driven by foreign investors selling 3.3 trillion won amid growing concerns over oil prices and interest rates.

• The National Highways Authority of India (NHAI) is launching a YouTube channel and QR code system on November 3, 2025, to increase transparency in highway projects. • Global tensions are rising as Thailand implemented a coastal curfew on December 14, 2025, due to escalating border disputes with Cambodia.