Microsoft stock down 20% while the broader market rose; July 29 earnings report could be a turning point

Microsoft's share price dropped about 20% over the year ending July 15, 2026. Meanwhile, the S&P 500 — a basket of 500 large U.S. companies used as a market benchmark — rose from 6,846 to 7,440 (Goldman Sachs, Barchart). Microsoft's July 29 earnings report now becomes a high-stakes moment for shareholders watching for signs the company's fundamentals are improving.