Stock Market Update
23-Jul-26 10:05 ET
Stocks move lower as oil rises, mega-caps retreat
Dow -496.28
at 51722.30,
Nasdaq -420.49
at 25291.42,
S&P -67.88
at 7431.08
[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.7%), and DJIA (-1.0%) are under considerable pressure this morning, with losses led by many of the market's largest components.
Tesla (TSLA 327.72, -46.29, -12.38%) and Alphabet (GOOG 319.41, -22.50, -6.58%) are selling off sharply following their earnings releases after the close. The communication services (-4.4%) and consumer discretionary (-4.6%) sectors are the worst-performing S&P 500 sectors, and the Vanguard Mega Cap Growth ETF is down 2.0%.
The information technology sector (-0.7%) faces pressure in its mega-cap components as well, though elevated capital expenditure plans across hyperscalers give a boost to several AI-infrastructure names, keeping the PHLX Semiconductor Index (-0.1%) near its flatline despite losses across large chipmakers.
Meanwhile, the broader market faces pressure from rising oil prices amid increased hostilities in the Middle East, with WTI Crude up $4.76 (+5.5 %) to $91.56 per barrel.
The energy sector (+1.7%) outperforms as a result, while the industrials sector (+2.2%) posts an even wider gain amid post-earnings strength in United Rentals (URI 1158.04, +122.98, +11.88%) and Lockheed Martin (LMT 573.82, +59.46, +11.56%).
