Stock market today: Dow, S&P 500, Nasdaq sell off as rising oil prices, bond yields, and AI capex weigh - Yahoo Finance

What the report says

Yahoo Finance reported that U.S. stocks fell sharply on Thursday, July 23, 2026, as investors weighed rising oil prices, higher bond yields and concerns about heavy artificial-intelligence spending by major technology companies. The Nasdaq Composite led the decline, losing 2.1% and briefly moving below 25,000 for the first time since May. The S&P 500 dropped 1.2%, while the Dow Jones Industrial Average declined 0.9%.

The sell-off was concentrated in Big Tech after Alphabet and Tesla released earnings following Wednesday’s close. Yahoo Finance said Alphabet’s underlying results were strong, but investors reacted negatively to its increased capital spending outlook amid broader questions about returns from AI investments. Tesla also came under pressure after CEO Elon Musk described 2026 as a year of very large capital expenditure, tied to projects including Optimus robots, robotaxis and data centers.

Energy markets added to the pressure. Brent crude, the global oil benchmark, moved above $100, while U.S. benchmark West Texas Intermediate also rose. Yahoo Finance linked the move to expanding attacks in the Middle East, including a statement from Iran-backed Houthis that they had targeted tankers in the Red Sea. Higher oil prices fed renewed inflation concerns, contributing to a bond sell-off that pushed the 10-year Treasury yield to its highest level in about 18 months.

The report also noted that initial jobless claims unexpectedly fell to 187,000, below expectations of 210,000 and the lowest level since 1969. Investors were also awaiting earnings from companies including Intel, T-Mobile US and Lockheed Martin.