Big Tech Pullback.

The Tape Read — Pre-Market Intelligence Brief for July 23, 2026. A two-front risk-off tape: Alphabet's capex shock and Tesla's profit miss drag the Nasdaq while a 12th day of Iran strikes lifts WTI near $90 — semis stay distribution-flagged and the framework withholds a fresh directional call. Full written brief for paid subscribers at thetaperead.morganbranch.co. Educational and observational only — not investment advice.