On Thursday, the S&P 500 Index fell by 1.49%, the Dow Jones Industrial Average decreased by 1.11%, and the Nasdaq 100 Index dropped by 2.26%, driven by soaring oil prices and a significant decline in shares of Alphabet, which fell 7% after it raised its capital spending forecast to $205 billion amid concerns about AI investments. Tesla’s stock plunged 14% following its earnings report that also indicated increased capital spending.
WTI crude oil prices surged over 6% after Houthi forces conducted missile and drone attacks on two Saudi oil tankers, pushing September Brent oil prices above $100 per barrel for the first time since May. U.S. President Trump expressed he holds Iran accountable for these attacks and is contemplating a substantial military response.
In labor market news, initial unemployment claims for the week ending July 18 fell by 22,000 to 187,000, surpassing expectations for an increase. Continuing claims decreased by 2,000 to 1.796 million. In economic indices, the Chicago Fed’s National Activity Index rose to -0.02, which was lower than anticipated, while the Kansas City Fed’s manufacturing index decreased by 2 points to 9, contrary to expectations for an increase.
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