Stock Market Today, July 23: Tesla Drops 15%, Leading Tech Stock Slide
Slipping 2.15% to 25,138, the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped sharply today, driven by a broad retreat in technology stocks following earnings reports. The S&P 500 (SNPINDEX:^GSPC) lost 1.21% to 7,408 and the Dow Jones Industrial Average (DJINDICES:^DJI) fell 0.97% to 51,712.
Gold prices fell 2.36% to $4,048.76 as of U.S. market close, and the 10-Year Treasury yield rose 0.04% to 4.67%, a 52-week high. Communication services and consumer cyclicals were the biggest losers today, while industrials and healthcare stocks showed strength.
Today's biggest moves
Alphabet fell by 7%, and Tesla shares tumbled almost 15% following yesterday’s earnings. In contrast, Intel rose in after-hours trading following its Q2 results, which beat expectations. EquipmentShare.com rose 8%, extending gains after increasing its revenue guidance earlier this month.
What this means for investors
The risk that the huge outlays on artificial intelligence (AI) infrastructure might not pay off pressured technology stocks today. Rising oil prices and high Treasury yields compounded the risk-off mood. WTI crude oil gained 5.8% to $91.84 a barrel on reports that Houthi militia had attacked tankers in the Red Sea, threatening an alternative supply route to the Strait of Hormuz, which remains largely closed.
Mounting concern over heavy AI capital expenditures hit both Alphabet and Tesla shares. Increased spending from both firms — without a clear indication of when investors will see returns — weighed on shares. Investors are shifting their stances on AI spending sprees, which could justify a more cautious stance on big tech firms.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Intel, and Tesla. The Motley Fool has a disclosure policy.
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