Client Portal
Start trading

U.S. Stocks Bounce on Chip Strength Ahead of Big Tech Earnings

(By ATFX Analyst Team)

Key Takeaways

U.S.–Iran conflict escalated for the 11th consecutive day, while Yemen’s Houthi rebels forced Saudi tankers to turn back in the Red Sea, pushing oil prices higher. Semiconductor stocks rebounded, helping U.S. equities recover as markets await earnings from major tech giants.

Today’s focus: UK June CPI and PPI data. CPI is expected to ease slightly to 2.7% YoY (prior 2.8%). Softer inflation would temper rate hike expectations and weigh on sterling. U.S. markets will closely watch Tesla and Alphabet earnings after the close for key directional guidance.

 

Global Market Review 22/07/2026

U.S. equities closed higher Tuesday, with semiconductor strength lifting the market. Global chip stocks rebounded sharply as investors awaited earnings from major tech firms. Dow +0.74%, S&P 500 +0.89%, Nasdaq +1.29%.

10‑year Treasury yields rose to two‑month highs, reinforcing dollar strength. The dollar gained for a fourth straight session.

Gold rose over 1% as hopes for a diplomatic breakthrough in U.S.–Iran relations lifted sentiment.

Oil gained 2% as Houthi threats of a Saudi blockade heightened supply concerns, supporting near-term prices.

 

Key Events Today:

  • 14:00 GB CPI & PPI YoY JUN ***
  • 22:30 EIA Crude Oil Stocks Change **

July 23 (GMT+8)

  • 09:30 AU Unemployment Rate JUN **
  • 20:15 ECB Interest Rate Decision ***
  • 20:30 US Initial Jobless Claims ***
  • 20:45 ECB Press Conference ***

 

Markets Analysis 22/07/2026

  • Resistance: 1.1437 / 1.1454
  • Support: 1.1380 / 1.1363

Despite upbeat ZEW survey data, Middle East tensions boosted the dollar and pushed EUR/USD lower for a fourth straight day, closing just below 1.1400.

Analyst View: EUR/USD remains near 1.1400. Last week’s low at 1.1378 may offer temporary support ahead of the ECB decision.

Bias: Short‑term pressured

  • Resistance: 1.3460 / 1.3510
  • Support: 1.3349 / 1.3300

UK unemployment fell to 4.9%, beating expectations, but fiscal concerns and Labour leadership transition weighed on sterling, limiting upside.

Analyst View: After breaking below the 10-day MA, GBP/USD is testing 20-day MA support. Focus on today’s CPI and PPI for the BoE policy outlook.

Bias: Trading within moving averages

  • Resistance: 163.39 / 163.75
  • Support: 162.84 / 162.49

USD/JPY broke above 163 for the first time since December 1986, fueling speculation of possible Japanese intervention and raising the risk of volatility.

Analyst View: Bulls remain cautious near 163. Sustained trade above this level could open room for retests of highs.

Bias: High‑level consolidation

  • Resistance: 86.29 / 87.58
  • Support: 83.68 / 82.42

Oil rose Tuesday as Houthi threats to Red Sea shipping intensified supply concerns, while U.S.-Iran strikes continued, supporting the uptrend.

Analyst View: Prices are at highs since early June. The expanding uptrend channel could target 86.29/87.58 resistance. Watch geopolitical headlines for volatility.

Bias: Mildly higher

  • Resistance: 4139 / 4167
  • Support: 4081 / 4053

  • Resistance: 61.43 / 62.14
  • Support: 59.15 / 58.44

Traders weighed inflation pressures from rising energy prices against the Fed rate outlook. Gold extended its rebound Tuesday, continuing higher Wednesday morning.

Analyst View: After breaking above key MAs, gold is testing $4,100. Holding above this level could open room toward $4,150.

Bias: Mildly bullish

  • Resistance: 52,539 / 52,831
  • Support: 51,833 / 51,601

U.S. equities rebounded Tuesday, ending three-day losing streaks as tech stocks lifted sentiment, offsetting Middle East concerns.

Analyst View: Dow recovered from lows but still faces resistance at the daily MAs. A breakout is needed to extend gains.

Bias: Low‑level rebound

  • Resistance: 29,429 / 29,620
  • Support: 28,848 / 28,608

Nasdaq rose Tuesday, supported by a chip rebound and earnings from 3M and GM. The index returned to three-day highs.

Analyst View: Higher highs and lows point to upside potential. Watch 10- and 20-day MA resistance near 29,250 and 29,400.

Bias: Cautious rebound

  • Resistance: 67,426 / 68,602
  • Support: 65,576 / 64,416

Bitcoin pared gains Tuesday but held above one-month highs, supported by ETF inflows signaling a recovery in institutional demand.

Analyst View: A two-day rally pushed BTC/USD to mid-June highs. Watch resistance above $67,000 for possible consolidation.

Bias: High‑level consolidation

Enjoy trading! The content is for reference only. Please ensure that you understand the risk.

 

About the author

Martin Lam

 

Martin Lam is ATFX Chief Analyst for Asia Pacific, with over 20 years of experience in global forex and investment markets. He holds a degree in Finance and Economics from Deakin University and has held senior roles at leading FX brokerage firms.

More from Martin Lam

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

Recent News
Free Demo Account
✅ Practice risk-free
✅ Master the markets
Trade live when you’re ready!
Open Live Account
Open Demo Account
Popular posts
Learn More
With ATFX
Related Post
ATFX_logo

© ATFX.COM. All rights reserved.

Legal: AT Global Markets (UK) Limited is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. FCA registration number (760555).Registered Office: Tower 42, Leaf 35C, 25 Old Broad Street, London EC2N 1HQ, United Kingdom. Company No.09827091

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money. Please read the full risk disclosure on pages 42-45 of our Terms of Business.

The commercialisation of services and the acquisition of clients can only be carried out in Spain by an authorised entity or through a tied agent.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

ATFX is a co-brand shared by a group of entities including:

AT Global Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom with registration number 760555. The Registered Office: Tower 42, Leaf 35C, 25 Old Broad Street, London EC2N 1HQ, United Kingdom. (Professional clients only)

ATFX Global Markets (CY) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under the license no. 285/15. The Registered Office: 159 Leontiou A’ Street, Maryvonne Building Office 204, 3022, Limassol, Cyprus.

AT Global Markets Intl Ltd is authorized and regulated by the Financial Services Commission with registration number 157819 and license number C118023331. The Registered Office: G08, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius.

ATFX MENA Financial Services LLC is regulated by the Capital Market Authority (CMA) in the United Arab Emirates with Category 5 license number 20200000078.

EMERGING MARKETS is regulated by the Jordan Securities Commission authority as an Introducing Broker license number 643 and is the regulated entity in the Hashemite Kingdom of Jordan.

ATFX is a trademark of AT Global Markets INTL LTD a company registered in Mauritius under FSC and all services in the Hashemite Kingdom of Jordan is offered through its Introducing Broker.

AT Global Markets LLC is a Limited Liability Company in Saint Vincent and the Grenadines with company number 333 LLC 2020. The Registered Office: Euro House, Richmond Hill Road, Kingstown, St. Vincent and the Grenadines.

ATFX (Cambodia) Company Limited in Cambodia is regulated by the Securities and Exchange Regulator of Cambodia with the license number 040.

ATFX

ATFX UK (AT Global Markets (UK) Ltd.) focuses on developing institutional business and professional investors and does not accept retail clients under its UK Financial Conduct Authority (FCA) license.

For professional client applications, please contact [email protected].

ATFX

Important Notice

We would like to inform you that, in order to ensure full compliance with the regulations of the Brazilian Securities and Exchange Commission (CVM), the opening of new accounts for individuals residing or domiciled in the Federative Republic of Brazil is currently unavailable.

This measure is necessary to complete the final stages of the technological and operational integration process with our local intermediary partner, Levycam CCTVM Ltda. (CNPJ 50.579.044/0001-96), in accordance with the guidelines set forth in CVM Guidance Opinion No. 33/2005.

As a result, it is not possible to proceed with your account opening request at this time. Once the regulatory and operational integration process is completed, the account opening flow will be enabled, and interested parties will be duly informed.

ATFX is not authorized by the Brazilian Securities and Exchange Commission (CVM) to offer intermediation or distribution services for securities issued abroad to investors residing in the Federative Republic of Brazil. Currently, ATFX does not operate nor actively offer intermediation services in Brazil. By accessing this website, investors declare that they are aware of the applicable legal restrictions and agree that they are operating outside the jurisdiction of the CVM. Investments abroad are not covered by the protection mechanisms existing in Brazil, such as the MRP and the FGC. With the objective of enabling future regularized operations, ATFX has entered into a contract for the provision of foreign intermediation services with the Brazilian brokerage firm Levycam CCTVM (CNPJ 50.579.044/0001-96), as provided for in CVM Guidance Opinion No. 33/2005. However, activities related to local intermediation are still in the pre-operational phase (technological and regulatory integration process). If you have any questions regarding the regulation of your trading accounts, please contact us.

I understand
ATFX

🌍 Welcome to ATFX!

To provide you with the best trading experience in Iraq, please visit our localized website:

There, you’ll find all products, services, and contact information tailored specifically for you. Thank you for choosing ATFX!

Go to ATFX (AR)
ATFX

Restrictions on Use

Products and Services on this website https://www.atfx.com/en-ae/ are not suitable
in your country. Such information and materials should not be regarded as or
constitute a distribution, an offer, or a solicitation to buy or sell any investments.
Please visit https://www.atfx.com/en/ to proceed.

ATFX

使用限制

本网站的产品及服务不适合英国居民。网站内部的信息和素材不应被视为分销，要约，买入或卖出任何投资产品。请继续访问 https://www.atfx.com/en/ 。

ATFX

Restrictions on Use

Please note, you may be accessing this page from outside Australia. Products and Services on https://www.atfx.com/en-au/ may not be suitable in your country. The information provided should not be considered as an offer, solicitation, or distribution for any investments.

Proceed to Stay
Choose Your Region at ATFX.com

Restrictions on Use

Products and Services on https://www.atfx.com/en-au/ are not suitable in your country. The information provided should not be considered as an offer, solicitation, or distribution for any investments.

Choose another region to see content specific to your location.

Choose Your Region at ATFX.com
ATFX

Restrictions on Use

ATFX

Restrictions on Use

AT Global Markets (UK) Limited does not offer trading services to retail clients.
If you are a professional client, please visit https://www.atfxconnect.com/