10AM Hour: Tariffs, Tech, and the Memory Trade, Intel Loses Post-Earnings Gains, Mortgage Rates at One Year High 7/24/26

**SPEAKER_1** (0:00)
The board recommends approving...

**Oliver Rennick** (0:01)
Regarding that seat on the committee, we're promoting...

**SPEAKER_3** (0:02)
to most quarterly earnings...

**SPEAKER_4** (0:04)
Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com/investorchoice to learn more. Vanguard Investors own shares of our index funds, which own shares of the companies they invest in. Available for Vanguard index funds that participate in Investor Choice, Vanguard Marketing Corporation Distributor.

**SPEAKER_1** (0:30)
How do you turn your strategy into action and action into impact? Bold leaders do it through transformative strategy and transactions. Ones that work in practice, not just on paper. At EY Parthenon, we use an investor mindset to help you create value. How?
By combining deep sector experience with AI-powered technology, so you can reimagine your business for tomorrow while building it today.
Shape your future with EY Parthenon. Learn more today.

**Carl Quintanilla** (1:06)
Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker and Mike Santoli at Post 9 of the New York Stock Exchange. Sara and David are off today. Stocks looking for some stability here this morning after yesterday's sell-off, driven by tech weakness and that spike in oil. Although renewed tariff fears now are a wild card, we're going to talk about what that means for the market. Big reversal for Intel, which had been up double digits after results, now negative. We'll get more on that in a moment. Memory names saw some gains this week, although dipping today, we're going to talk to one expert who says the group could go much higher from here.

**Mike Santoli** (1:38)
But first, fresh housing data just crossing. Rick Santoli has that for us. Hello, Rick. Yes.

**Rick Santoli** (1:44)
Good morning, Mike. These are new home sales single family for the month of June. Expecting a number right around 607 to 610,000. That's ceaselessly adjusted. Annualized units comes in better than expected. 628,000 from a somewhat not yet revised 580,000. There's the revision. Had a feeling. 580,000 now becomes 618,000 in the rear view mirror. A nice revision. So 628,000 still now would be the best read since March. And we see that there is some improvement, but herein lies the rub. This is a June number. We had a lot of good things happening in June, like crude oil prices going down, the MOU still in force. So the Mideast scenario changed dramatically after July 7th. And like so many numbers, whether it's CPI, PPI, or this number in particular, interest rates have moved. It affects housing. So we're going to really pay close attention to July. And do remember, multifamilies, a little bit more exciting to builders these days in single family considering inventory builds in the single family home space. And pay especially good attention to that magic 6.5% level on mortgages as we crossed it, of course, with rates moving higher earlier in the week. Leslie, back to you.

**Leslie Picker** (3:05)
Rick, thank you. Yeah, that 30 year fixed rate, highest level of the year. So we'll see what that means for the future of housing. Rick, thank you.
Let's turn now to Washington and two key stories that Wall Street is watching, the escalation in the Middle East and a new round of global tariffs from the Trump administration. Eamon Javers joins us with the latest on the trade war and the physical war. Eamon.

**Eamon Javers** (3:27)
Yeah, that's right, Leslie. CENTCOM says US forces completed the 13th straight night of strikes against Iran last night. They were targeting Iranian military command centers, drone storage facilities, communication networks, they say, coastal surveillance sites and maritime capabilities too.
As the US military puts it, further diminished the threat Iran poses to civilian mariners and commercial vessels transiting the Strait of Hormuz. Now, that comes after President Trump told Axios that he's considering a massive attack on Iran that's bigger than anything that's come before. And while it's clear that the US is considering military escalation, it's not clear what form that could take. Would it be boots on the ground or what? And it's not clear how that would change the political reality in Tehran, which is the key to all of this. Now separately, the new tariffs that you're talking about went into effect at 12:01 a.m. this morning. These new tariffs are being imposed under Section 301 of the Trade Act of 1974 It's one of several trade authorities that the president has used over the course of his term.