The Dow Jones fell 500 points. At the day’s low, the index was down over 650 points. The S&P 500 fell 1.2%, while the Nasdaq Composite declined by 2.1%. The tech-heavy indices were led lower by Tesla and Alphabet. Tesla shares fell 14.5% to close at their lowest level since March 2025, while Alphabet, the Google-parent, fell 7%. Both stocks fell after their respective earnings failed to cheer the street.
Together, big tech wiped out nearly $767 billion in market capitalisation on Thursday.
Brent crude closed above the mark of $101 on Thursday, back in triple digits after two months, after US President Donald Trump threatened further attacks on Iran and told Axios in an interview that he is close to a decision of launching a “massive strike” on Iran without Israel’s involvement.
Trump also wrote on Truth Social that the US will hold Iran and the Houthis responsible for any further shipping attacks in West Asia. His remarks came after two Saudi Oil tankers were attacked in the Red Sea. Oil prices are also facing tailwinds due to the Black Sea disruptions along the Russian coast.
The rise in crude oil prices and fears of rising inflation also took the US 10-year bond yield past the 4.7% mark, which is the highest level since January 2025. The 30-year yield surged to as high as 5.17%.
Intel reported results after market closing which turned out to be better than expectations, as was its guidance for the ongoing quarter. The company’s revenue growth of 25% in the second quarter was the fastest in any period in at least the last 15 years. The stock, which gained as much as 13% after the results announcement afterhours, gave up all of those gains, turned negative, only to recover again and see gains of around 4%.
While oil prices continue to remain a major monitorable, American Express and Verizon are some of the important companies that will be reporting results today. Markets will also be awaiting cues from the Trump Administration as their universal 10% tariff deadline ends tonight and new levies could be announced during the course of the day under Section 301.
