S&P 500 Worst Day of July on Big Tech Spending Concerns

The S&P 500 posted its steepest decline of the month as the first batch of Big Tech earnings reports disappointed markets. While the actual earnings numbers were not the problem, investor focus shifted to rising capital expenditures and declining free cash flow at two major hyperscalers.

This spending dilemma raised concerns about near-term profitability and the sustainability of the AI-driven rally. The selloff erased gains from earlier in the week and weighed heavily on the broader index.

No further details on the specific companies or exact figures were provided in the original post.