Market Open: Stocks Fall, Yields Soar, Oil Tops $90 on Iran Escalation • 7/23/26

Summary

Markets opened sharply lower with the Dow down nearly 600 points, S&P 500 and NASDAQ also falling over 1%, as the 10-year Treasury yield topped 4.7%. Oil surged with WTI above $90 and Brent above $100 on escalating Iran tensions. Jim Cramer noted the market is near highs but lacks momentum to push higher given oil and rate headwinds. Key earnings movers included Alphabet down on AI spending concerns, Tesla mixed, and IBM sharply lower; Eli Lilly advanced on obesity drug trial news.

• Major US equity indices decline over 1% at the open; Dow off 591 points.
• 10-year Treasury yield hits 4.7%, highest since January 2025, pushing mortgage rates toward 7%.
• Oil prices jump: WTI above $90, Brent above $100, driven by Iran-Houthi escalation and US strikes.
• Jim Cramer says the market lacks momentum to continue higher despite being near highs.
• Alphabet fell 5.5% on AI spending forecast; IBM suffered historic sell-off on disappointing results.
• Micron bucked the chip sector decline, gaining nearly 2%.
• Eli Lilly shares supported by positive retatrutide obesity drug trials and upcoming regulatory filing.
• Jobless claims plunged to 187,000, the lowest level since the late 1960s.