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S&P 500 Snaps 9-Year July Win Streak: The Stocks That Led It
Stock Market Roller Coaster: July 2026 Was a Wild Ride for Tech Stocks
Updated with July 31 closing prices.
What Happened in July? (The Simple Version)
Imagine you’re on a roller coaster that goes up, up, up for months… then suddenly drops really fast in July. That’s basically what happened to semiconductor (chip) stocks last month.
The big story: Chip companies had their worst month since December 2002 — but here’s the twist: most are still up huge for the year!
The "Whipsaw" Month Explained
ELI5 Alert: "Whipsaw" means the market swung violently back and forth — like a saw cutting wood.
The Good News
- Microsoft (MSFT) had a blowout earnings report → stock jumped 24.6% in July!
- Software stocks (tracked by IGV ETF) rose 4.4% for the month
- Last two days of July: 9% surge for chip stocks (but not enough to save the month)
The Bad News
- Apple (AAPL) had a bummer earnings report → stock dropped 7.4% in one day (worst post-earnings drop in 13 years!)
- Chip stocks (tracked by SOXX ETF) crashed 22.1% in July
- S&P 500 had its first down July since 2014 (down slightly)
- Micron Technology (MU) did a crazy dance: +18.4% Thursday → -5.9% Friday → -28.7% for the month
July’s Biggest Losers (S&P 500)
IMPORTANT: These stocks got hammered in July, BUT many are still massive winners for 2026!
| Company | Ticker | July Change | 2026 Change | 2025 Change |
|---|---|---|---|---|
| Sandisk | SNDK | -46.6% | +411.8% | N/A |
| Corning | GLW | -45.9% | +57.9% | +84.3% |
| KLA | KLAC | -39.4% | +50.5% | +92.8% |
| Marvell Tech | MRVL | -37.0% | +120.7% | -23.1% |
| Intel | INTC | -35.4% | +144.4% | +84.0% |
| Coherent | COHR | -33.4% | +42.4% | +94.8% |
| Generac | GNRC | -32.7% | +44.5% | -12.0% |
| Lam Research | LRCX | -32.4% | +71.2% | +137.0% |
| Flex | FLEX | -29.8% | +88.3% | +57.4% |
| Applied Materials | AMAT | -29.8% | +97.5% | +58.0% |
| Micron Tech | MU | -28.7% | +188.4% | +239.1% |
| Vertiv Holdings | VRT | -27.9% | +49.1% | +42.6% |
| Lennox Intl | LII | -27.4% | -14.4% | -20.3% |
| Tesla | TSLA | -26.0% | -30.8% | +11.4% |
| Builders FirstSource | BLDR | -25.7% | -35.4% | -28.0% |
| Teradyne | TER | -24.0% | +90.0% | +53.7% |
| Caterpillar | CAT | -23.5% | +42.2% | +57.9% |
| AppLovin | APP | -23.2% | -41.2% | +108.1% |
| Ciena | CIEN | -23.1% | +61.2% | +175.8% |
| Moderna | MRNA | -21.7% | +85.9% | -29.1% |
Key Takeaway: 4 stocks on this "worst of July" list are still up 100%+ for 2026: Sandisk, Marvell, Intel, and Micron!
July’s Biggest Winners (S&P 500)
| Company | Ticker | July Change | 2026 Change | 2025 Change |
|---|---|---|---|---|
| Cognizant Tech | CTSH | +42.9% | -33.3% | +7.9% |
| Accenture | ACN | +33.3% | -38.2% | -23.7% |
| PayPal | PYPL | +32.5% | -2.0% | -31.6% |
| Workday | WDAY | +31.0% | -25.3% | -16.8% |
| Willis Towers Watson | WTW | +28.5% | +2.2% | +4.9% |
| Cboe Global Markets | CBOE | +27.8% | +23.6% | +28.5% |
| Phillips 66 | PSX | +25.2% | +64.0% | +13.3% |
| Microsoft | MSFT | +24.6% | -3.9% | +14.7% |
| HP | HPQ | +24.3% | +22.4% | -31.7% |
| DexCom | DXCM | +23.9% | +25.7% | -14.7% |
Notice: Most July winners are down for 2026 — they’re bouncing back from earlier losses, not leading the year.
What This Means for You (ELI5 Summary)
The "Buy the Dip" Idea
"Buying the dip" = Buying stocks when prices drop, hoping they’ll go back up.
Wall Street thinks: The recent selling in tech won’t break the bull market (the long-term upward trend). Many pros see this as a shopping opportunity for quality chip stocks.
The Big Picture
- Chip stocks got too hot → needed a cool-down (healthy!)
- AI boom is still real → long-term demand for chips hasn’t changed
- Earnings matter → Microsoft crushed it, Apple disappointed
- Diversification helps → Software (IGV) did fine while chips (SOXX) crashed
FAQ: Your Questions Answered
Why did chip stocks crash so hard in July?
Simple answer: They went up too far, too fast earlier in the year. Investors got worried about:
- "Are we buying too many chips too fast?"
- "Will AI spending slow down?"
- Earnings reports from big names (like Apple) spooked people
If they crashed 20%+, why are they still up 100%+ for the year?
Simple answer: Imagine a stock at $100 → jumps to $500 (+400%) → drops to $350 (-30%). It still tripled your money from the start! That’s what happened with Sandisk, Micron, Intel, Marvell.
Should I buy these "July losers" now?
Simple answer: Not financial advice! But pros say:
- Quality matters — Buy strong companies (like Nvidia, AMD, Micron) not weak ones
- Time horizon — Only if you can hold 3-5+ years
- Dollar-cost average — Buy a little each month, not all at once
- Don’t buy just because "it went down"
What’s an ETF and why do they matter here?
Simple answer: ETF = Exchange Traded Fund = a basket of stocks you buy like one stock.
- SOXX = 30 chip companies in one purchase
- IGV = Software companies
- XLK = All big tech companies
They show how a whole sector is doing, not just one stock.
Is the bull market over?
Simple answer: Most experts say NO. A bull market = stocks going up long-term. One bad month (even a 22% drop in chips) doesn’t end a multi-year trend. The S&P 500 only dipped slightly.
Quick Recap: 5 Things to Remember
| # | Key Point |
|---|---|
| 1 | Chip stocks had worst month since 2002 (-22% for SOXX ETF) |
| 2 | But 4 of July’s biggest losers are still up 100%+ for 2026 |
| 3 | Microsoft soared +24.6% on great earnings; Apple dropped -7.4% on bad earnings |
| 4 | S&P 500 first down July since 2014 — but barely negative |
| 5 | Many pros see this as a "buy the dip" chance for quality tech |
Final Thought
The stock market is like a moody teenager — dramatic short-term swings, but grows up over time.
July was a temper tantrum for chip stocks. The long-term AI story hasn’t changed. Smart investors:
- Stay calm
- Learn the companies
- Think in years, not days
- Don’t put all eggs in one basket
Data source: LSEG via MarketWatch. All prices as of July 31, 2026 close.
Want to learn more? Check out MarketWatch’s guide on how to read a stock quote page before you buy anything!
