Tech Drags Nasdaq Down 1.6% as AI Delays Rattle Markets; Dollar Firms
· Market News · MarketsFN Team
Tech Drags Nasdaq Down 1.6% as AI Delays Rattle Markets; Dollar Firms
Tech stocks led a broad market retreat Thursday as Alphabet's AI delay report sparked sector-wide jitters, sending the Nasdaq 100 down 1.62% to 29,025.77 while the S&P 500 shed 0.51%. The dollar edged higher as Dallas Fed President Logan advocated for "modestly higher" rates.
🇺🇸 US Session Overview
Technology shares bore the brunt of Thursday's selloff after reports surfaced that Alphabet's flagship Gemini 3.5 Pro AI model faced delays. The Nasdaq 100's 1.62% decline outpaced broader indices, with the S&P 500 slipping 0.51% to 7,533.77. The Dow Jones showed relative resilience, down just 0.20% at 52,552.97, as defensive sectors limited losses. Small caps nearly flatlined, with the Russell 2000 off a marginal 0.06%.
Market sentiment soured further after Dallas Fed President Lorie Logan called for tighter monetary policy, stating current conditions warrant "modestly higher" interest rates. The comments came amid light summer trading volumes, exacerbating price swings.
📅 Economic Calendar Highlights
No major economic data releases crossed the wires Thursday, leaving markets to digest Fed commentary and corporate developments. Attention now turns to Friday's University of Michigan Consumer Sentiment survey and Retail Sales data for June, which could provide fresh clues about the health of the US consumer.
📋 Earnings Spotlight
Thursday's earnings docket featured several notable reports including GE Aerospace and Abbott Laboratories before market open. Netflix reported after the close, with shares volatile in extended trading as the streaming giant announced plans to provide fewer engagement metrics going forward.
💱 FX & Commodities
The DXY dollar index firmed modestly, supported by Fed hawkishness, with GBP/USD outperforming at 1.3476 (+0.59%). Commodities retreated across the board: Gold tumbled 1.57% to $3,980.50 while Silver plunged 2.22%. Oil extended losses with WTI down 1.67% at $78.27 amid Middle East supply concerns. Cryptocurrencies mirrored tech stocks' weakness, with Ethereum dropping 2.28%.
As Asian markets prepare to open, focus will remain on tech sector fallout and Friday's US economic data. Traders will also monitor geopolitical developments after reports of renewed Iranian threats to Middle East oil exports.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,533.77 | ▼ -38.63 | ▼ -0.51% |
| Nasdaq 100 | 29,025.77 | ▼ -476.83 | ▼ -1.62% |
| Dow Jones | 52,552.97 | ▼ -105.67 | ▼ -0.20% |
| Russell 2000 | 2,974.57 | ▼ -1.69 | ▼ -0.06% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1443 | ▲ +0.16% |
| GBP/USD | 1.3476 | ▲ +0.59% |
| USD/JPY | 162.38 | ▲ +0.12% |
| AUD/USD | 0.6998 | ▲ +0.31% |
| USD/CHF | 0.8089 | ▼ -0.02% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 3,980.50 | ▼ -1.57% |
| Silver (XAG/USD) | 55.84 | ▼ -2.22% |
| Crude Oil (WTI) | 78.27 | ▼ -1.67% |
| Brent Oil | 84.20 | ▼ -0.88% |
| Natural Gas | 2.89 | ▼ -1.16% |
| Bitcoin | 64,186.58 | ▼ -0.81% |
| Ethereum | 1,873.30 | ▼ -2.28% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| AABT | Abbott Laboratories | BMO | 172140000000.0 |
| BBSVN | Bank7 Corp | BMO | 480720000.0 |
| CCBSH | Commerce Bancshares Inc | BMO | 8660000000.0 |
| CCFG | Citizens Financial Group Inc | BMO | 31460000000.0 |
| GGE | GE Aerospace | BMO | 360710000000.0 |
| HHOVR | New Horizon Aircraft Ltd | BMO | 92640000.0 |
| IIIIN | Insteel Industries Inc | BMO | 583380000.0 |
| LLCNB | LCNB Corp | BMO | 281780000.0 |
| MMAN | ManpowerGroup | BMO | 2400000000.0 |
| PPLD | Prologis Inc | BMO | 142860000000.0 |
| SSTT | State Street Corp | BMO | 51380000000.0 |
| TTRX | TRX Gold Corp | BMO | 226200000.0 |
| TTSM | Taiwan Semiconductor Manufacturing ADR | BMO | 2125110000000.0002 |
| UUNH | Unitedhealth Group Inc | BMO | 384490000000.0 |
| UUSB | U.S. Bancorp | BMO | 99710000000.0 |
| WWABC | Westamerica Bancorporation | BMO | 1470000000.0 |
| AAA | Alcoa Corp | AMC | 12360000000.0 |
| CCNS | Cohen & Steers Inc | AMC | 4170000000.0 |
| FFFIN | First Financial Bankshares Inc | AMC | 5230000000.0 |
| FFNB | F.N.B. Corp | AMC | 6940000000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
No significant economic releases today.
Report published: July 16, 2026 — 22:21 CET
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