Market Close: Stocks Mixed, Strategic Oil Reserve at 1983 Low • Earnings Ahead • 7/27/26

I'm Jessica Edinger, CNBC. Wall Street opens Tuesday morning after a mixed Monday for the major averages. The Dow was up 262 points, a half percent. It was led higher by shares of Salesforce, which finished Monday up 6%. 3M shares popped 3%. So did Sherwin Williams shares. The S&P 500 index added just one point on Monday. The NASDAQ was in the red, down 43. Chipmaker shares mostly in the red, although Qualcomm and Broadcom were higher. >> Tug of war within the market and the ribbon in in the middle of that rope is not really moving much. That would be the S&P 500. All it wants to do is kind of rotate and buy time. We first got to this level, the S&P 500 on May 8th of this year. >> CNBC's Mike Santoi. There are companies whose shares hit fresh all-time highs on Monday. Those include Apple, Allstate, AFLAC, Bank of America, JP Morgan, Travelers, CSX, and General Dynamics. About a third of the S&P 500 index companies will report quarterly results this week. Investors are on hold for reports from Coca-Cola, Ford, and Boeing on Tuesday, just to name a few. The US strategic petroleum reserve has hit its lowest since 1983. >> Strategic petroleum reserves in the US and around the world need to be refilled. This is no longer a question of is this the right price at which to refill. These inventories are basically at the bottom of the barrel. Pun intended. They need to be refilled. >> Sid partners Jim Leenthal on CNBC on why he thinks oil prices will hold up. On Monday, oil had its worst day since midappril. US crude dipped below $83 a barrel, a one-day fall of 7%. Big short investor Steve Eisman starting to have doubts about AI. He tells CNBC he sold out of his longtime position in Google and YouTube parent Alphabet, warning that many are underestimating the risks if the AI boom doesn't deliver on lofty expectations. >> Last week when Google reported the stock went down, they increased the capbacks from 190 billion to 205. People are freaking out. You know, we were asking the question earlier today. What would happen if some of those big hyperscalers actually cut their capex? How would the market react to that? >> I think the market would go straight down. >> Capex, capital expenditures, spending on the AI buildout and Eisman added this. >> It's questionable whether any of the LLM models have any moes around their businesses and the Chinese um AI models are a lot cheaper. So, is there going to be a price war? Um, I don't know the answer to a lot of those questions, but I don't think anybody else does either. >> You can see that full interview with Eisman at CNBC.com. Sandwich Chain Jersey Mike's poised to be the second biggest restaurant IPO ever on Thursday, issuing stock to the public for the first time in an initial public offering. It's currently owned by private equity firm Blackstone. SEC Chair Paul Atkins told CNBC the companies are responding to the Trump administration's regulatory environment fostering more businesses to issue stock. >> Market reaction to a change of regulatory tone and approach at the SEC but also it's a reaction of course to the fundamentals of the economy in the last four quarters. Uh you know it's more than 400 uh new IPOs. On Tuesday's watch list, we do get earnings. Boeing, Coca-Cola UPS Hilton JetBlue Sherwin Williams, Ford, Visa. We also get the latest on home prices and consumer confidence. And the Fed begins a two-day meeting on interest rates. Jessica Edinger CNBC.