Microsoft down 20% as S&P 500 climbs to 7,440; July 29 earnings loom as re-rating test

Microsoft fell roughly 20% over the 52 weeks ending July 15, 2026, while the S&P 500 rose from 6,846 to 7,440 over the same period (Goldman Sachs, Barchart). The divergence places Microsoft's July 29 Q3 2026 earnings as a critical re-rating trigger for a stock that has materially lagged the broad market's advance. The gap raises the stakes for shareholders expecting a fundamental inflection.