Losing Streak. Markets started off the week on slippery footing as fighting over the weekend between the U.S. and Iran pushed oil prices higher.

The S&P 500 ended the day down 0.2%, sending the index into its third consecutive trading day of losses. The Dow Jones Industrial Average fell 0.6%. or 305 points. The Nasdaq Composite, however, was up 0.1%.

The down day comes as several big tech companies prepare to report earnings this week. Alphabet, Tesla, and Intel are all on deck, while Meta, Amazon, and Microsoft are scheduled to release results next week. It's been a strong season so far; about 88% of S&P 500 companies that reported last week beat expectations, according to Bank of America analysts.

Although it's a busy week for earnings, it's a quiet one for economic news. The Federal Reserve's communications blackout started over the weekend, and the agency will give no public remarks until after the policy meeting on July 28-29.

The only notable data releases this week are jobless claims on Thursday, and preliminary readings of S&P Global's purchasing managers' index for July as well as new home sales figures for June on Friday.

The Hot Stock: Global Payments +5.9% The Biggest Loser: Carvana Co. -4.8%

Best Sector: Communication Services +0.7% Worst Sector: Healthcare -1.2%

Cyclospora Outbreak Still Unsolved

Is a summer salad worth a potential side order of stomach bug misery? Many consumers are saying no -- and it seems investors agree.

More than a thousand people have tested positive for cyclosporiasis, a parasitic infection that causes terrible digestive issues; thousands of other cases are suspected but require further analysis, according to the Centers for Disease Control.

The Food and Drug Administration originally linked the outbreak to lettuce from Taylor Farms, one of the largest produce companies in the U.S., whose products are used at major chains like Taco Bell, and sold by retailers like Wal-Mart and Target. Taylor Farms voluntarily recalled the suspected lettuce, but the Food and Drug Administration walked back its announcement over the weekend, saying that the test was a false positive.

The government agency back peddling and lettuce recall, however, don't seem to be fully alleviating investor concerns. Yum! Brands, the parent company of Taco Bell, saw its stock close down again on Monday. More upmarket brands like Sweetgreen also continued to struggle, with the stock tumbling 6.1% after briefly stabilizing when the salad chain announced it did not use iceburg lettuce. Chipotle Mexican Grill and Mediterranean fast-casual chain Cava Group were also down.

Part of the issue, my colleague Evie Liu writes , stems from the fact that investors are treating the outbreak as a sector-wide demand risk. "Consumers may temporarily avoid salads, bowls, and other meals containing raw produce, even at chains whose ingredients had not been implicated," Evie writes.

There are still no concrete answers on what is causing this outbreak. That means that for now, almost any fresh produce could be part of the problem.

The Calendar

3M, Capital One Financial, Charles Schwab Corp, $Danaher Corp(DHR-W)$, DR Horton, Equifax, EQT Corp, General Motors, Genuine Parts Co, Halliburton Co, Hasbro, Interactive Brokers Group, KeyCorp, Marsh & McLennan Cos, MSCI, Northrop Grumman Corp, and Synchrony Financial report earnings tomorrow.

What We're Reading Today

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   -- Tech Faces a Moment of Truth as Earnings Test the Rally 

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July 20, 2026 19:55 ET (23:55 GMT)

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