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Chinese funds push 58% into AI as blue chips exit top 20
Edgen Stock·Jul 23 2026, 13:43Share to
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[1] An Era Ends: Tencent and Moutai Drop Out of Top 20, "AI-ification" Becomes the Only Choice (https://wallstreetcn.com/articles/3777799 ...)[2] Nomura Core Equity Fund Q2 2026 Portfolio Review (https://seekingalpha.com/article/4924261-nomu ...)
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Jul 23 2026, 14:54
Nasdaq sinks 2% as tech rout deepens, Dow drops 1%
The Nasdaq Composite fell 2% on Thursday, its worst session since November 2022, as disappointing earnings from Tesla and Alphabet triggered a broad tech selloff. The selloff coincided with three catalysts: disappointing quarterly results from Tesla and Alphabet, a jump in Brent crude above $99 a barrel on escalating Iran tensions, and broad selling in semiconductor names, traders said. Tesla dropped more than 10% while Alphabet fell 6.6%, with Amazon and Meta Platforms each sliding more than 3%. The S&P 500 declined 1.1% and the Dow Jones Industrial Average lost more than 1%, with the banking index falling 1.6%. Semiconductor stocks including Microchip Technology, Qualcomm and Texas Instruments were among the Nasdaq's biggest decliners. United Rentals was the top gainer on the S&P 500 after raising its full-year guidance and announcing plans to increase fleet spending. On the economic front, initial jobless claims fell to 187,000, the lowest since 1969, down from 209,000 and well below the 210,000 consensus estimate. The selloff marks a sharp reversal for megacap technology stocks that had powered much of this year's gains. Brent crude's rise above $99 a barrel adds another layer of risk, with RBC Capital Markets warning that prices could surpass the 2022 peak of $128 a barrel if the Iran conflict escalates into a full regional war. Investors now face a dual threat of stretched tech valuations and rising energy costs that could pressure corporate margins heading into the second half of the year. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 14:52
Equities overtake real estate as No. 1 US wealth driver, Goldman says
US equity holdings have surpassed real estate as a share of net household financial wealth for the first time since World War Two, Goldman Sachs said, marking a structural shift in how Americans build and concentrate wealth. The brokerage said equity gains have become the dominant driver of household wealth accumulation and the main contributor to a positive wealth effect on consumer spending. "Equity gains have been the dominant driver of household wealth accumulation and the main contributor to a positive wealth effect on consumer spending," Goldman Sachs said in a research note published Thursday. The shift is visible across wealth tiers. Public equity allocations at family offices climbed to 31 percent in 2025, up from 28 percent in 2023, according to Goldman's 2025 Family Office Investment Insights Report. Private real estate and infrastructure allocations stood at just 11 percent, a far cry from the aggressive property accumulation that defined earlier decades of American wealth building. Among older homeowners, housing wealth rebounded to a record $14.92 trillion in the first quarter of 2026, driven by rising home values and mortgage rates falling to their lowest levels since 2022, data from the National Reverse Mortgage Lenders Association show. Senior housing wealth increased by an estimated $314.8 billion, or 1.8 percent, during the quarter, partially offset by a $10.5 billion rise in mortgage debt. Real estate still matters enormously for middle-income households, where a home often represents the single largest asset. But at higher net worth tiers, equities have pulled decisively ahead. The Federal Reserve's aggressive rate hiking cycle that began in 2022 made mortgages expensive and transaction volumes sluggish, accelerating the relative shift toward equities. Mortgage rates have since retreated to their lowest levels since 2022, temporarily improving housing affordability and supporting home values for older homeowners. The reordering of household wealth carries implications beyond portfolio construction. With equities now the primary channel for wealth accumulation, consumer spending has become more sensitive to stock market performance — a dynamic that could amplify the economic impact of equity drawdowns. When household wealth is concentrated in equities, those households become more exposed to market corrections. A sharp stock selloff now hits aggregate net worth harder than it would have a decade ago, when real estate provided a larger ballast. The wealth effect from equities tends to be more immediate than from housing, as stock holdings are more liquid and easier to tap for consumption. Goldman's outlook for 2025-2026 flags increased dispersion within equity markets, suggesting stock-picking skill will matter more as AI-related growth opportunities drive returns. The bank specifically highlighted AI-related growth as a key theme driving equity market returns. For the Federal Reserve, the growing equity wealth effect adds a layer of complexity to rate decisions, as asset price inflation becomes a more direct channel into consumption and aggregate demand. A sustained equity rally could keep consumer spending elevated even as the central bank tries to cool the economy. The trend also has implications for capital flows. Capital migrating from illiquid, physical assets toward liquid, growth-focused instruments is directionally favorable for risk assets, including digital assets. Real estate could rebound if interest rates come down, Goldman's outlook suggests, but the structural shift toward equities as the primary wealth vehicle appears entrenched for now. The last time such a reordering occurred was in the post-war era of the 1940s and 1950s, when the rise of pension funds and retail brokerage transformed American households from savers to investors — a shift that took decades to reverse. This article is for informational purposes only and does not constitute investment advice.
Jul 23 2026, 14:50
House passes Iran war powers resolution 214-208 in rebuke to Trump
The House passed a Democratic-backed war powers resolution 214-208 Thursday, rebuking President Donald Trump's Iran policy as the conflict's death toll reached 18 US service members and costs topped $37.5 billion. "This is a vote of conscience that requires us to find the strength to do what is right for the American people and to send the clearest message that Congress is reasserting our authority over war," said Representative Pramila Jayapal, the Washington Democrat who sponsored the resolution. Four Republicans joined all Democrats in supporting the measure: Representatives Tom Barrett of Michigan, Warren Davidson of Ohio, Thomas Massie of Kentucky and Brian Fitzpatrick of Pennsylvania — the same four who backed an identical resolution in June. The Senate is expected to consider a companion resolution Thursday, with Minority Leader Chuck Schumer forcing a floor vote. Oil prices spiked as Houthi militants claimed strikes on Red Sea tankers, while the Strait of Hormuz — which handles about 21 percent of global seaborne oil trade — remains largely closed. The resolution is largely symbolic — it requires congressional approval for military action but faces a veto threat from Trump, who has vowed to continue strikes. Defense Secretary Pete Hegseth told senators Tuesday the US has spent $37.5 billion on the war since February, when joint US-Israeli strikes against Iran began. A Washington Post/Ipsos poll conducted this month found most Americans believe the war has not been worth fighting. The vote marks the second time the House has approved a war powers resolution on Iran, reflecting deepening unease among lawmakers in both parties as the conflict enters its sixth month with no clear exit strategy. The same four House Republicans defected in June, while GOP Senators Rand Paul of Kentucky, Susan Collins of Maine, Lisa Murkowski of Alaska and Bill Cassidy of Louisiana backed a similar measure in the upper chamber. Cassidy, who later lost his Senate seat after Trump endorsed his primary opponent, told the president in a closed-door luncheon that the war "was supposed to last four weeks, it's lasted four months" and that "our original objectives have not been achieved." The Louisiana Republican changed his vote only after receiving a one-on-one briefing from the White House. **Escalation at Sea and in the Air** Trump escalated his rhetoric Wednesday, warning on Truth Social that any Iranian attack on ships in the Strait of Hormuz would trigger US strikes on "ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran." The warning came as Houthi militants in Yemen — aligned with Iran — said they struck tankers in the Red Sea, sending oil prices higher and reigniting fears of broader supply disruption. The US has cited attacks on commercial shipping as a breach of the ceasefire agreement both sides reached last month. But the truce has proven fragile: 18 US service members have been killed since the February strikes, and Trump participated in a dignified transfer of four remains at Dover Air Force Base on Wednesday. **Political Calculus Ahead of Midterms** The war poses a growing political risk for Republicans facing reelection in November. About two-thirds of Republican voters approve of Trump's handling of Iran, according to the Washington Post/Ipsos poll, but a sizable share — roughly one-third — are not convinced. House Speaker Mike Johnson has aggressively lobbied his members against the war powers measures, arguing the US has ensured Iran does not obtain a nuclear weapon. "Now we got to wrap it up," Johnson said this week, acknowledging the global pressure to end the conflict. The last time Congress passed a war powers resolution against a sitting president was in 1973, when lawmakers overrode President Richard Nixon's veto of the War Powers Act. That law has been tested repeatedly — most recently in 2020, when Congress passed a resolution limiting Trump's military action against Iran after the killing of Qassem Soleimani, which Trump also vetoed. This article is for informational purposes only and does not constitute investment advice.