S&P 500 Drops 1.4% as Brent Tops $100 and AI Spending Fears Hit Megacaps
Updated
Updated · Bloomberg · Jul 23
S&P 500 Drops 1.4% as Brent Tops $100 and AI Spending Fears Hit Megacaps
3 articles · Updated · Bloomberg · Jul 23
Summary
Brent crude above $100 a barrel drove a broad selloff, pushing U.S. stocks and bonds lower as the escalating Iran war revived inflation fears.
Treasury yields climbed to their highest levels of the year, while the S&P 500 fell 1.4% and a megacap gauge headed for its worst day since the April 2025 tariff-driven rout.
Alphabet slid 6.6% despite solid results after lifting its capital-spending forecast, reinforcing worries that heavy AI investment may not deliver adequate returns.
Tesla tumbled 14% as profit fell even after strong EV deliveries, adding to pressure on growth stocks while the dollar strengthened.