Live Markets-Wall Street tanks as tech earnings disappoint, Brent tops $100
SPY•Earnings and data on deck for Friday
Results from American Express AXP.N, Verizon VZ.N and SLB SLB.N are slated for Friday morning, drawing the second week of Q2 earnings season to a close.
Tomorrow, flash PMI and new home sales are due to punctuate a week that was unusually light on economic indicators.
Here's your closing snapshot:
Oil surges after Trump vows to punish Iran
Front-month WTI and Brent crude futures settled up 6.2% and 7.0%, respectively, after U.S. President Trump vowed to punish Iran for Houthi attacks on two Saudi oil tankers in the Red Sea, evidence that the U.S.-Israeli war on Iran is escalating and spreading.
The dollar rallied; U.S. crude was up more than 6%; bitcoin was off more than 1%; and gold was down about 2%.
U.S. 10-year Treasury yield rose to about 4.70%.
Wall Street ends sharply lower as tech earnings disappoint
U.S. stocks limped across the finish line of a bruising session on Thursday, as fears of rising inflation and underwhelming tech earnings following massive outlays on AI infrastructure tossed a bucket of ice-cold water on investor risk appetite.
The S&P 500 and the Dow slid 1.2% and 1.0%, respectively, while the tech-heavy Nasdaq tanked 2.2%. All three indexes suffered their largest single-day percentage drops in a month, with all three on track for weekly losses.
Consumer discretionary .SPLRCD and communication services .SPLRCL were among the day's biggest laggards, both falling more than 5%. Retail .SPXRT dropped 3.7%. Chips .SOX dipped 0.5%.
The one sector that seemed to be having a grand time of it was the S&P 1500 Aerospace & Defense index .SPCOMAED. War machinery makers jumped 3.1% on the day.
