Market Close: Stocks Fall, Dow Loses 500, Intel Posts Strong Results • 7/23/26

Summary

US stocks sold off sharply on Thursday as escalating US-Iran war fears and concerns over AI overspending hit technology shares. Oil prices spiked and Treasury yields rose to multi-month highs. After the close, Intel reported strong results. Airline CEOs highlighted robust demand and no customer resistance to fare increases, while a number of industrial and transport stocks hit all-time highs.

• Dow fell 506 points (1%), S&P 500 down 1.2%, Nasdaq dropped over 2%.
• Alphabet sank 7%, Amazon lost 4.5%, while only Micron gained among major chip names.
• Intel shares rose after-hours on strong quarterly results.
• US crude oil topped $92/barrel, Brent crude surpassed $100.
• 10-year Treasury yield hit its highest since early 2025 above 4.7%.
• 30-year fixed mortgage rate jumped to 6.85%, highest in over a year.
• Travelers, Quest Diagnostics, CSX, Norfolk Southern, Union Pacific, General Dynamics, Paccar, and United Rentals all hit all-time highs.
• American Airlines and Southwest CEOs reported strong demand with no pushback on higher fares.