Daily US Equity Report 2026-07-22 (Wed)
7/21 (Tue) — the day the memory super-cycle was vindicated: all three major banks say buy, the four memory giants surged 11-14% (SNDK +14.27% / WDC +12.51% / MU +12.17% / STX +11.14%), SMH +4.52% led; Nasdaq +1.29%, S&P +0.89%, Dow +0.74%; DHR earnings landmine -10.99%; VIX -8.58% to 17.05, breadt
US 07/22 [7/21 (Tue)Broad, violent rebound across memory: all three major banks say buy; Morgan Stanley sees memory prices up over 25% in Q3,SNDK +14.27% / WDC +12.51% / MU +12.17% / STX +11.14%, SMH +4.52% led the whole market; Nasdaq +1.29% at 25,837.21, S&P +0.89% at 7,509.20, Dow +0.74% at 52,224.64;DHR earnings landmine -10.99%, profit-taking in cybersecurity CRWD -3.70%; VIX -8.58% to 17.05, breadth 106:82 turned bullish; 20D list 3 names (MPC/VLO/NET refiners + CDN), 5D board 1 name (ABT); GOOGL/TSLA report after the close tonight 7/22]
Data as of: 2026-07-21 (Tue) actual US close · Generated: Taipei 7/22 07:00
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🎯 Today's (7/22) Key Watch Points
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One-line summary
7/21 (Tue) “the day the memory super-cycle was vindicated” — all three major banks shouted buy, the four memory giants spiked 11-14%, and semiconductors led the indices to a broad-based close in the green: Morgan Stanley (Joseph Moore) estimates memory prices rise at least 25% from Q2 to Q3, with DRAM/NAND supply shortage extending to 2028; Bank of America (Vivek Arya) raised MU target price to $1,550; South Korea's exports stayed strong, confirming AI demand.SNDK +14.27% / WDC +12.51% / MU +12.17% / STX +11.14%, SMH +4.52% — strongest in the whole market, driving Nasdaq +1.29% at 25,837.21, S&P +0.89% at 7,509.20, Dow +0.74% at 52,224.64. However, DHR earnings -10.99%(soft Q3 guidance, weak bioprocessing); previously strong cybersecurity/software saw profit-taking (CRWD -3.70% / ADBE -3.23% / NOW -2.52%).VIX -8.58% to 17.05, breadth 106:82 turned bullish, Fear & Greed estimated to recover to about 43.20D list 5→3 names (MPC/VLO/NET; PANW/ADBE fell below 20%), 5D board holds 1 name (ABT). Main themes
▲ Memory/semiconductors counterattack across the board SNDK +14.27%, SKHY +13.75%, WDC +12.51%, MU +12.17%, STX +11.14%, INTC +8.64%, AMD +8.11%, ARM +7.46%, SCCO +7.39%, AMAT +7.39%, MRVL +6.68%, GLW +6.08%, DELL +5.83%, TSM +5.55% ▼ Earnings landmines + profit-taking in recently strong stocks DHR -10.99%, SPGI -3.81%, CRWD -3.70%, ADBE -3.23%, DDOG -3.20%, PGR -2.98%, NOW -2.52%, SCHW -2.52%, TMUS -2.49%, PM -2.43%, CRM -2.15% ↳ Unlike 7/20's “deep-drop stabilization with breadth not yet green,” 7/21 wasan offensive day of “fundamental catalysts + broad capital re-buying”: the three banks' upgrades elevated memory from “deep-drop rebound” to “cycle vindication,” the whole semiconductor chain rose broadly, and breadth 106:82 confirmed a bullish turn for the first time; profit-taking concentrated in last week's counter-trend defensive cybersecurity (PANW/CRWD) and software (NOW/CRM/ADBE) = capital rotating from defense back to offense. Policy & liquidity
Memory super-cycle: three major banks upgrade on the same day Morgan Stanley sees Q3 memory contract prices up >25%, with tight supply/demand extending to 2028; Bank of America raised MU's target to $1,550; MU's latest-quarter revenue was $41.5B, YoY +346%, SanDisk gross margin 78%, WDC guiding next-quarter revenue YoY +36-44% = AI memory demand turning a “deep-drop” into a “fundamentals” rally. Earnings super-week climax: the first referee on AI capex tonight, 7/22 GOOGL + TSLA both report after the close tonight (7/22): cloud/AI capex guidance, Robotaxi economics; 7/23 INTC, 7/29 MSFT/META, 7/30 AAPL/AMZN follow. About 88% of reported S&P constituents beat on EPS = earnings delivery supporting valuations. US-Iran night ten, oil climbs again FOMC one week away The geopolitical premium hasn't dissipated,USO +2.66% at 128.85, energy names XOM/CVX/COP rose in tandem; the 10Y rose to about 4.63% (+3bp), DXY 101.14 flat. 7/28-29 FOMC (Warsh's first time chairing), 7/30 June PCE = the biggest variable for the month-end rate-cut path. |
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