Market Close: Stocks Lose Ground, Oil Climbs, Trump Threatens Canada Over Wildfires • 7/17/26

I'm Jill Schneider, CNBC. Wall Street wrapping up the day and the week with losses as traders weighed the latest moves in semiconductors along with the most recent quarterly reports. The Dow tumbled 406 points, about 3/4 of a percent, losing nearly 1% for the week. The S&P 500 dropped 76 points, 1% and about a percent and a half for the week. And the Nasdaq sank 361 points Friday, nearly a percent and a half, dropping almost 3% on the week. Netflix tanked seven and a quarter percent after the streaming giants second quarter results disappointed investors. That included guidance indicating slow growth. TD Cowan internet and media analyst John Blackge thinks the pullback may be a bit of an overreaction. >> I I do. I mean it it was definitely mixed but down over 11% pre-market. Um when sentiment was weak going in stock down 40% over the past 12 months pre-open um it feel it feels uh a little overdone >> when it comes to the tech trade. Troll prices Tony Wang is still bullish. >> Valuation for software has uh become a lot more attractive here. Um and so and I think that you know not all software companies are um you know positioned similarly. Some of Friday's other big movers, travelers, added 9% after the insurer reported a huge beat on second quarter earnings. It was the biggest gainer for the Dow. The biggest drag on the Dow Friday was Coca-Cola. Shares slid 4%. Traders were also watching further escalations in the US Iran war. Iraq and Syria signed an agreement to rebuild an oil pipeline that would provide an alternative to the straight of Hormuz with oil prices rising in their wake. Oil prices jumped 4% Friday and 15% for the week, the most since March. President Trump on Friday vowing to hold Canada responsible for the wildfire smoke that has enveloped swaths of the United States, calling the situation quote totally unacceptable. Trump accused Ottawa of failing to adequately address the situation, which has sent air quality to dangerous levels in major US cities for multiple days. In a truth social post, the president said the costs inflicted on the US should be added to the tariffs Canada is currently paying.