Wall Street indexes declined sharply on Thursday as disappointing earnings from Alphabet and Tesla combined with rising oil prices to fuel investor concerns regarding inflation and corporate spending.
Key Points
- The Nasdaq Composite dropped 2.15%, while the S&P 500 fell 1.21% and the Dow Jones Industrial Average lost 0.97%.
- Alphabet shares sank 7% following reports of increased capital expenditure and cash burn during the second quarter.
- Brent crude oil futures surpassed $100 per barrel for the first time since May due to escalating Middle East hostilities.
- Defense stocks outperformed the broader market, with Lockheed Martin rising 10.5% and RTX gaining 7.3% after raising their 2026 financial forecasts.