Market Open: SpaceX Selloff Deepens, Intel Rallies as Mag 7 Loses $797B | July 24th

Markets opened mixed as SpaceX’s post-IPO slump deepened and Intel bounced on stronger results, while the “Magnificent 7” lost nearly $797 billion in value in a worst session since April 2025. In Canada, the TSX rose 0.30% and the TSX Venture Index fell 0.31%, with tech shares under pressure despite firmer overall conditions. In the U.S., the Dow was up 0.13% while the Nasdaq dropped 1.35% as investors unwound AI-related trades. London’s FTSE 100 gained nearly 1% amid relatively better performance outside U.S. mega-cap tech. Commodities were mixed: oil pulled back for the first time in a week, gold rose 0.23%, copper was slightly lower, and natural gas was near flat. Bitcoin fell 1.61% in Canadian-dollar terms, extending weakness in speculative assets. The TSX, U.S. and FTSE moves were reported for July 24.