Earnings season has already claimed two Magnificent 7 names. Alphabet and Tesla both reported July 22 — both stocks fell the following day. Microsoft's print is next, with Morgan Stanley resetting its forecast into the event. Palantir follows on August 3, after shares gained roughly 1% Friday on the Defense Intelligence Agency's decision to cancel a solicitation following Palantir's protest.
Friday's tape did not wait for the calendar. Cash-flow names got the bid. High-multiple AI and momentum names got hit.
Verdict
The desk treats this as a rotation inside the index, not a broad de-risking. Five of ten names on our board closed green — the split ran along multiple, not sector.
| Symbol | Close | Change | Day range | 52-week range |
|---|---|---|---|---|
| AAPL | $333.02 | +11.36 (+3.53%) | $321.62–$334.37 | $201.50–$334.99 |
| AMZN | $232.11 | -1.55 (-0.66%) | $231.34–$234.95 | $196.00–$278.56 |
| V | $355.74 | +4.14 (+1.18%) | $351.05–$355.84 | $293.89–$365.14 |
| GOOGL | $319.74 | +2.05 (+0.65%) | $317.32–$324.18 | $187.82–$408.61 |
| JPM | $353.21 | +3.31 (+0.95%) | $347.50–$353.37 | $279.10–$353.37 |
| NVDA | $206.84 | -1.92 (-0.92%) | $204.81–$211.91 | $164.07–$236.54 |
| TSLA | $313.03 | -6.66 (-2.08%) | $306.51–$322.96 | $297.82–$498.83 |
| MSFT | $381.70 | +0.12 (+0.03%) | $380.65–$389.03 | $349.20–$555.45 |
| META | $595.19 | -10.91 (-1.80%) | $594.45–$609.98 | $520.26–$796.25 |
| AMD | $521.95 | -17.74 (-3.29%) | $518.00–$549.00 | $149.22–$584.73 |
The two levels that decide the next five sessions: AAPL $334.99 and AMD $518.00. One is a breakout. The other is an invalidation.
The Names
AAPL — $333.02, up 3.53%. Biggest mover on the board. Closed at 89% of the day's range on 47.4M shares — buyers held the close. It sits 0.6% below the $334.99 52-week high. Our Friday call above $334.99 remains live. Below $321.62, Friday's low, the move gets given back.
AMD — $521.95, down 3.29%. Gapped up 1.34% to $546.92, printed $549.00, then unwound the whole thing. Closed in the lower third of the range on 27.1M shares. That is a failed open. Below $518.00, the long-side case is finished. Bulls need $549.00 reclaimed to reverse it.
AAPL and AMD finished 6.8 percentage points apart in a single session — the widest spread on the board.
MSFT — $381.70, flat. Opened 1.43% above the prior close at $387.05, tagged $389.03, then closed near the low of the day. A full round trip into an earnings print is not a vote of confidence. Below the $380.65 low, sellers own the setup. Above $389.03, the fade is negated.
TSLA — $313.03, down 2.08%. Post-earnings damage continues. It now sits 5.1% above the $297.82 52-week low and 37.2% below the high. Below $306.51, the 52-week low comes into play.
JPM — $353.21, up 0.95%. Closed at 97% of the range, right at the $353.37 52-week high. V closed at 98% of its range. Financials and payments took the money that left semis.
NVDA — $206.84, down 0.92% on 114.7M shares, heaviest volume on the board. Modest damage, real participation. Below $204.81 the AI complex is confirming AMD's weakness.
META — $595.19, down 1.80%, closed at 5% of the day's range. Weakest close on the board and 25.3% below the 52-week high.
The Risk Sheet
- Microsoft's print disappoints → below $379.79 → the megacap-tech bid loses its anchor and AAPL's breakout attempt likely stalls.
- Semis break down together → AMD below $518.00 with NVDA below $204.81 → the rotation stops being a rotation and becomes a drawdown.
- AAPL fails at the high → a close back under $321.62 → the 3.53% move was a one-day squeeze and the defensive trade has no leadership.
- Financials give up the highs → JPM below $347.50 → the bid that absorbed tech selling is gone and breadth turns.
What changes the view: a strong Microsoft print that holds above $389.03, plus AMD reclaiming $549.00. That combination kills the rotation thesis and puts the high-multiple complex back in charge.
Tomorrow's Checklist
- AAPL 334.99 breakout
- AMD 518.00 invalidation
- TSLA 306.51 support