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

Microsoft fell about 20% over the 52 weeks ending July 15, 2026, while the S&P 500 climbed from 6,846 to 7,440 (Goldman Sachs, Barchart). That divergence makes the July 29 Q3 earnings a key re-rating moment — when investors reassess what a stock is worth — for shares that have badly trailed the market's rally.