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The Dow Jones Industrial Average and the other major stock indexes traded sharply lower Thursday, as Google-parent AlphabetGOOGL and TeslaTSLA took a dive on the stock market today after their quarterly earnings reports.
Just after Thursday's open, the Dow industrials dropped 0.8%, or more than 400 points, as the S&P 500 declined 0.8%. The tech-heavy Nasdaq composite lost 1.5% in morning trading.
West Texas intermediate crude oil futures jumped nearly 5%, trading around $90.85 per barrel after Iran-backed Houthi rebels in Yemen claimed to attack two Saudi Arabian oil tankers in the Red Sea. The 10-year Treasury yield was up at 4.71%. Bitcoin fell near $65,000.
Among exchange traded funds, the Invesco QQQQQQ dropped 1%, while the State Street SPDR S&P 500SPY lost 0.7% after Thursday's opening bell.
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Nasdaq-100 Winners, Losers: Roper, T-Mobile, DoorDash
Among the Nasdaq-100 stocks, Roper TechnologiesROP and CSXCSX advanced more than 6% each, making them some of the best performers just after the market open.
Meanwhile, T-Mobile USTMUS and DoorDashDASH tumbled more than 7% and nearly 2%, respectively, in morning action.
9:04 a.m. ET
Dow Jones Movers: Chevron, Amazon, Nvidia
Inside the Dow industrials, ChevronCVX rallied nearly 2% amid the sharp rise in energy prices early Thursday.
On the downside, AmazonAMZN dropped nearly 3%, while NvidiaNVDA lost more than 1% in early morning action.
8:51 a.m. ET
Jobless Claims
Early Thursday, the Labor Department said jobless claims unexpectedly dropped to 187,000.
Claims were expected to rise to 214,000 vs. 208,000 in the previous week.
8:08 a.m. ET
Alphabet, Tesla Dive On Earnings
Early Thursday, Alphabet stock sold off 5% even after the company posted second-quarter earnings and revenue that topped Wall Street's targets thanks to better-than-expected growth in cloud computing.
Meanwhile, Alphabet increased its 2026 capital expenditures outlook to a range of $195 billion to $205 billion, up from $180 billion to $190 billion. In the second quarter, capital spending jumped 100% to $44.9 billion.
Elsewhere, Tesla shares plunged 7% premarket Thursday after the Elon Musk-led electric-vehicle giant reported second-quarter earnings that were far below views despite strong revenue growth on EV sales.
Capital spending jumped, leading to negative cash flow in the quarter, but both less than forecast. Tesla reiterated that it plans to spend $25 billion in capex this year to fund futuristic projects in robotaxis and humanoid robots.
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Earnings Reports: IBM, ServiceNow
Big earnings movers Thursday morning include American AirlinesAAL, Ameriprise FinancialAMP, IBMIBM, Lockheed MartinLMT, ServiceNowNOW and Texas InstrumentsTXN.
Shares of American Airlines lost more than 3%, while Ameriprise stock rallied just over 2%. IBM stock slipped nearly 2%, but Lockheed shares jumped close to 5%. ServiceNow shares rallied 5%. Finally, Texas Instruments stock declined roughly 4% in premarket trading.
After the close, Comfort SystemsFIX, Deckers OutdoorDECK, Edwards LifesciencesEW, IntelINTC and SAPSAP are on the schedule to report.
Stock Market Today: Jobless Claims
Early Thursday, the Labor Department's weekly initial jobless claims are due at 8:30 a.m. ET
Claims are expected to rise to 214,000 vs. 208,000 in the previous week.
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Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
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