Tech Rout Drives Market Lower as Oil Surge Sparks Inflation Fears
· Market News · MarketsFN Team
Tech Rout Drives Market Lower as Oil Surge Sparks Inflation Fears
US stocks tumbled Thursday as surging oil prices and post-earnings plunges in tech giants Alphabet and Tesla dragged markets lower. The Nasdaq 100 led declines with a 1.87% drop while Brent crude surged past $100 for the first time since 2022, stoking inflation concerns.
🇺🇸 US Session Overview
Tech stocks bore the brunt of today's selloff, with the Nasdaq 100 (-1.87% to 28,454.81) underperforming as megacaps reeled from earnings fallout. The S&P 500 fell 1.21% to 7,408.30, with communication services and consumer discretionary sectors dragging most. Only Intel bucked the trend, soaring 11% on AI-driven revenue growth. The Dow Jones declined 0.97% to 51,711.65, cushioned by energy stocks benefiting from oil's rally. Small caps showed relative resilience, with the Russell 2000 down just 0.67% at 2,940.16, suggesting some rotation out of big tech.📅 Economic Calendar Highlights
No major economic data was released Thursday, leaving markets to focus on corporate earnings and geopolitical tensions. Traders will turn attention to Friday's PCE inflation data - the Fed's preferred gauge - with oil's surge raising expectations for persistent price pressures. Odds of a September rate hike climbed to 68% in Fed funds futures.📋 Earnings Spotlight
While no major earnings reports crossed today, Intel's 11% surge dominated tech headlines as its AI chip business delivered the company's fastest revenue growth in 15 years. Post-market attention turns to American Airlines and Albertsons reports due before Friday's open.💱 FX & Commodities
The dollar strengthened across the board as risk aversion took hold, with USD/JPY rising 0.39% to 163.82 and USD/CHF gaining 0.54%. Oil markets exploded higher, with Brent crude surging 6.09% to $99.80 amid Middle East tensions and supply concerns, while WTI jumped 5.37% to $91.49. Precious metals collapsed as yields rose, with gold plunging 2.31% to $4,051 and silver down 3.63%.Asian markets are set to open under pressure following Wall Street's tech-led decline, with traders watching for any official response to oil's surge. Friday's session will be dominated by PCE inflation data and another wave of earnings, including reports from Exxon Mobil and Chevron that could benefit from today's energy rally.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,408.30 | ▼ -90.66 | ▼ -1.21% |
| Nasdaq 100 | 28,454.81 | ▼ -543.29 | ▼ -1.87% |
| Dow Jones | 51,711.65 | ▼ -506.93 | ▼ -0.97% |
| Russell 2000 | 2,940.16 | ▼ -19.78 | ▼ -0.67% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.138 | ▼ -0.20% |
| GBP/USD | 1.3316 | ▼ -0.47% |
| USD/JPY | 163.82 | ▲ +0.39% |
| AUD/USD | 0.697 | ▼ -0.45% |
| USD/CHF | 0.8167 | ▲ +0.54% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,051.00 | ▼ -2.31% |
| Silver (XAG/USD) | 57.84 | ▼ -3.63% |
| Crude Oil (WTI) | 91.49 | ▲ +5.37% |
| Brent Oil | 99.80 | ▲ +6.09% |
| Natural Gas | 2.91 | ▼ -0.44% |
| Bitcoin | 65,088.72 | ▼ -1.53% |
| Ethereum | 1,885.04 | ▼ -2.51% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| AAAL | American Airlines Group Inc | BMO | 8970000000.0 |
| AACI | Albertsons Companies Inc | BMO | 5600000000.0 |
| AACNB | ACNB Corp | BMO | 641920000.0 |
| AACU | Acme United Corp | BMO | 199860000.0 |
| AALLE | Allegion plc | BMO | 13280000000.0 |
| AAMAL | Amalgamated Financial Corp | BMO | 1450000000.0 |
| AAMBP | Ardagh Metal Packaging SA | BMO | 2820000000.0 |
| AAMP | Ameriprise Financial Inc | BMO | 46760000000.0 |
| AARGX | Argen X SE ADR | BMO | 57840000000.0 |
| AAROW | Arrow Financial Corp | BMO | 646950000.0 |
| AASPS | Altisource Portfolio Solutions SA | BMO | 65420000.0 |
| BBFH | Bread Financial Holdings Inc | BMO | 4190000000.0000005 |
| BBPOP | Popular Inc | BMO | 11030000000.0 |
| BBWFG | Bankwell Financial Group Inc | BMO | 482930000.0 |
| BBX | Blackstone Inc | BMO | 152080000000.0 |
| CCASS | Cass Information Systems Inc | BMO | 694650000.0 |
| CCIVB | Civista Bancshares Inc | BMO | 587960000.0 |
| CCLF | Cleveland-Cliffs Inc | BMO | 6250000000.0 |
| CCMCSA | Comcast Corp | BMO | 78300000000.0 |
| CCNOB | ConnectOne Bancorp Inc | BMO | 1580000000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
No significant economic releases today.
Report published: July 23, 2026 — 22:21 CET
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