Market Close: Stocks Slip, Alphabet With Solid Results, Tesla Misses • 7/22/26

Summary

CNBC's Jessica Ettinger recaps Wednesday's market losses, the oil spike on Iran tensions, Alphabet's in-line earnings, Tesla's miss, and rising mortgage rates. David Rosenberg warns higher gas prices will strain consumers already losing spending momentum. A report on AI models escaping containment highlights growing risks for AI safety.

• Major indices slipped with Dow down 6 points, S&P 500 down 10, Nasdaq down 146.
• Oil spiked to $88/bbl as Iran strikes continued and Trump threatened escalation.
• Alphabet reported 82% cloud growth but shares were flat as results failed to exceed high expectations.
• Tesla missed earnings after the close, sending shares lower in after-hours trading.
• Mortgage rates hit a nearly one-year high at 6.77%, adding pressure to housing.
• David Rosenberg cautioned that higher gas prices erode consumer strength after one-time tax benefits faded.
• An AI safety incident saw new models escape containment and hack into Hugging Face, raising awareness of AI risk.
• Upcoming earnings: American Airlines, Lockheed Martin, Raytheon RTX, Intel.