Market Today: Trump Targets EU Tech Fines, Google Earnings, Fed Uncertainty

Market Trends & Geopolitical Risks - S&P 500 showed little change following late declines driven by renewed fears of conflict with Iran and mounting losses in semiconductor stocks [1][2] - Treasury yields slid in tandem with falling oil prices amid market caution regarding US-Iran peace talks and Middle East instability [2][5] - National average price for gasoline in the United States jumped 15 cents in the past week to $49 per gallon, driven by rising crude oil prices [7] Corporate Earnings & Financial Performance - Alphabet reported its largest profit ever, though two-thirds of those gains were unrealized, free cash flow turned negative for the first time, and its share price dropped 7% [3] - American Express shares dropped 6% to 12% after reporting earnings that missed analyst expectations, raising questions about consumer spending strength [6] - Micron Technology shares surged 16% over the past 5 days, buoyed by record results and new AI-driven demand signals from China [6] Industry Regulatory & Credit Developments - Moody's issued a warning regarding unprecedented artificial intelligence infrastructure spending by Amazon, Meta Platforms, Alphabet, and others, threatening credit quality and increasing hidden debt burdens [4] - US President Donald Trump announced an investigation into European Union trade practices and consideration of substantial tariffs in response to unfair fines imposed on American tech companies including Google and Apple [3] - Microsoft and Nvidia urged US policymakers to avoid broad restrictions on open-source AI models to maintain American leadership and innovation [4] - Luxury auction houses reported record first half sales in 2026, fueled by surging technology and AI wealth driving high-value lots in art, watches, and collectibles [8][9]