Wall Street Steadied on Friday After the Tech Rout but Headed for a Weekly Loss as New US Tariffs Took Effect

US stocks tried to steady on Friday, 24 July 2026, after Thursday's sharp sell-off, with the Dow edging higher while the Nasdaq lagged as technology shares extended their slide; all three major indexes were on track for weekly losses. On Thursday, 23 July, the "Magnificent Seven" megacap technology stocks shed close to $800 billion in market value, their worst day since April 2025, with Tesla falling about 14% and Alphabet about 6%.

At the same time, a fresh round of the Trump administration's global tariffs took effect on Friday, levying rates of 10% to 12.5% on imports from top US trading partners. Worries over heavy AI spending, the oil price spike, and rising Treasury yields were cited as pressures on the market.