BUSINESS

New York stocks tumble as tech, oil jolt markets

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U.S. stocks fell sharply on Thursday, with the Nasdaq Composite dropping 2.15% and the S&P 500 losing 1.24%, as investors reacted to weak second-quarter signals from major technology firms and surging oil prices. Alphabet shares slid after the company lifted its annual capital spending forecast to as much as $205 billion and reported negative free cash flow for the first time as a public company. Tesla plunged 14.5% following its own negative free cash flow. At the same time, Brent crude rose above $100 a barrel amid escalating Middle East tensions, heightening inflation concerns before the Federal Reserve’s July 29 policy meeting.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

Early 2025 10-year Treasury yields rise
May Brent crude last below $100
This quarter Alphabet reports negative free cashflow
This quarter Tesla turns cashflow negative
Thursday Nasdaq Composite drops over two percent
Thursday Brent crude settles above $100
Thursday U.S. launches strikes on Iran
July 29 Federal Reserve policy meeting scheduled

Why This Matters to You

Your wallet could feel this. Tech stocks like Alphabet and Tesla are down. Oil prices are up. That can mean higher gas prices and inflation. Check your investments and budget.

The Bottom Line

The market's shaky due to tech and oil. The Federal Reserve's meeting on July 29 might bring more news. Keep an eye on your finances. Worth forwarding if you know someone who invests.