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Stock futures pointed sharply lower Thursday as shares of Tesla and Google parent Alphabet sold off following earnings reports and Brent crude futures surged toward $100 a barrel for the first time in two months.
Nasdaq 100, Dow Jones Industrial Average, S&P 500, and futures were down 1.4%, 1%, and 1%, respectively, about 30 minutes before the opening bell.
Yesterday, major indexes closed slightly lower before Tesla and Alphabet reported quarterly results after the bell. Tesla (TSLA) shares sank 7% premarket Thursday after the electric vehicle maker's profit came up short of analysts' estimates as AI spending accelerated. Alphabet (GOOGL) stock fell 5% despite the tech giant's strong results as it raised its full-year projection for capital expenditures to up to $205 billion, and news that the European Union had fined Google about $1 billion for allegedly giving preferential treatment to its own search services. All of their fellow Magnificent Seven members also were lower before the bell.
In other moves of notable tech companies that reported earnings after the close yesterday, shares of enterprise software maker ServiceNow (NOW) jumped 5%, chipmaker Texas Instruments (TXN) fell 4%, and Dow component International Business Machines (IBM) slipped 2%.
Among companies that reported early Thursday, shares of RTX (RTX) rose 5.5%, Lockheed Martin (LMT) advanced more than 5%, Honeywell International (HON) gained 1.5%, T-Mobile US (TMUS) fell 5%, American Airlines Group (AAL) declined 4%, and Comcast (CMCSA) ticked lower. Intel (INTC) stock ticked higher ahead of its report after markets close.
In addition to earnings, investors Thursday were paying attention to developments in the Middle East. Oil prices continued their recent rise after news that Iran-backed Houthi rebels in Yemen had struck a pair of Saudi Arabian tankers. President Donald Trump wrote on Truth Social that if the Houthis "do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis." Brent crude futures, the global benchmark, recently were up 5.8% to $99.50, while West Texas Intermediate futures, the U.S. benchmark, rose 4.6% to $90.80 a barrel.
With gasoline prices having moved back above $4 a gallon, stoking inflation fears, the 10-year Treasury yield—which influences interest rates on a variety of consumer loans including mortgages—hit its highest level since January 2025 at 4.71%, up four basis points from Wednesday’s close. According to the CME Group’s FedWatch tool, traders are pricing in a 34% likelihood of a Federal Reserve rate hike at its meeting next week, up from about 12% one week ago, and a 78% chance of at least a quarter-percentage-point rate hike at its September meeting, up from 52% a week ago.
Bitcoin was trading around $65,800, down slightly over the past 24 hours. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked higher to 101.18. Gold futures declined 1.4% to $4,090 an ounce.
JULY 23, 2026 AT 12:58 PM GMT
AMD CEO Lisa Su to Speak at ‘Advancing AI’ Event
Advanced Micro Devices (AMD) is set to host its “Advancing AI” keynote later today, which could bring more announcements regarding the chipmaker’s latest products and partnerships.
CEO Lisa Su is set to headline the address scheduled for 12:30 p.m. ET.
Wall Street analysts have said the event could also bring a more ambitious update to AMD’s longer-term outlook based on growing AI demand, after what’s already been a strong year for the chipmaker, with shares up roughly 160% year-to-date.
Shares of AMD were down less than 1% in premarket trading.
JULY 23, 2026 AT 12:24 PM GMT
Intel Set to Report Earnings After the Closing Bell
Intel is slated to report earnings after the closing bell, with analysts surveyed by Visible Alpha expecting the chipmaker to report growing revenue and profits, thanks to booming demand for its AI hardware.
A strong print could help reinvigorate enthusiasm for the shares, which have dropped close to 30% from last month’s highs amid a broader tech pullback in recent weeks.
They’re still up nearly 180% since the start of the year, making Intel one of the best-performing stocks in the S&P 500 for 2026 so far.
The stock climbed around 1% in premarket trading.
JULY 23, 2026 AT 12:13 PM GMT
American Airlines Stock Falls on Profit Forecasts
American Airlines' second-quarter profit comfortably topped analysts' estimates. Its forecasts for the current quarter and full year, however, greatly disappointed investors.
Shares of American Airlines Group (AAL) fell more than 4% before the bell Thursday after the Fort Worth, Texas-based carrier cut its full-year profit forecast and guided for a third-quarter loss when a profit was expected.
American slashed its 2026 adjusted earnings per share forecast to between a loss of $0.65 and a profit of $0.65, "given the recent increase in the cost of fuel." It previously had guided for between a loss of $0.40 and a profit of $1.10. Analysts surveyed by Visible Alpha had expected an adjusted profit of $0.72 per share.
For the current quarter, American expects an adjusted loss per share of $0.70 to $0.10. Analysts were looking for an adjusted profit of $0.33 per share.
The carrier posted a second-quarter adjusted profit of $0.15 per share on record operating revenue of $16.74 billion. Visible Alpha consensus called for $0.04 per share and $16.71 billion, respectively.
Entering Thursday, American Airlines shares were down 3.5% since the start of the year.
JULY 23, 2026 AT 10:48 AM GMT
Stock Futures Fall as Investors React to Big Tech Earnings, Oil Prices Head Toward $100 a Barrel
Futures contracts tied to the Dow Jones Industrial Average pointed down 0.4%.
S&P 500 futures were 0.3% lower.
Nasdaq 100 futures also declined 0.3%.
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