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FinanceStocks tumble after oil touches $100; Mag 7 earnings fail to lift markets
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On July 23, 2026, U.S. stock markets opened sharply lower as oil prices briefly touched $100 per barrel, compounding investor anxiety. The Dow Jones Industrial Average fell 654 points (1.2%), the S&P 500 dropped 1.3%, and the Nasdaq declined 1.8%. The sell-off was exacerbated by disappointing earnings reports from major tech stocks Alphabet and Tesla, which failed to revive the AI-driven rally. Alphabet's increased AI spending forecasts spooked investors, while chip stocks continued their sharp monthly decline despite the broader tech weakness. The combination of rising energy costs and lackluster earnings from key 'Magnificent Seven' members weighed heavily on market sentiment.
Source report
Market Overview
Stocks fell sharply at the open on Thursday, as earnings reports from Alphabet and Tesla failed to reignite enthusiasm for the AI trade.
- Dow Jones Industrial Average: Fell 654 points, or 1.2%
- S&P 500: Declined 1.3%
- Nasdaq Composite: Dropped 1.8%
Key Drivers
Both Alphabet and Tesla traded lower following their latest earnings releases. An increase in AI spending expectations for Alphabet, the parent company of Google, unsettled investors. However, the news was insufficient to spark a recovery in chip stocks, which have experienced a steep decline this month.
By Connor Smith Source: Barron's
Source
Yahoo FinanceWestern
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