By William Collins, consultant in stock markets – Eurasia Business News, July 23, 2026. Article no 3032
Brent crude jumped above $100 a barrel while Wall Street slid, with Tesla and Alphabet helping drag the Nasdaq lower. The oil spike was tied to escalating Middle East tensions and threats to global crude flows, while the tech selloff reflected investor concern about heavy AI spending.
The benchmark S&P 500 (SP500) was last -1.2%, while the heavy-tech Nasdaq Composite (COMP:IND) was -2.2%, and the blue-chip Dow (DJI) was -1%.
Higher oil prices tend to pressure inflation expectations, transport costs, and consumer spending, so a move like this often ripples beyond energy stocks. That makes the combination of surging crude and falling tech especially important for market positioning.
The gasoline backdrop was also moving higher in the U.S., with the national average for regular fuel reported at $4.09 a gallon, up 15 cents from the prior week.
Big Tech stocks sold off, led by declines in Alphabet and Tesla shares after the two “Magnificent Seven” heavyweights reported results after Wednesday’s market close.
Alphabet posted a strong quarter fundamentally, but the Google parent’s raised capex outlook comes as investors scrutinize AI’s return on investment. Tesla CEO Elon Musk also said 2026 would be a “massive capex year” for the company, highlighting a focus on Optimus robots, robotaxis, and data centers.
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Over in the bond market, the 10-year Treasury yield (US10Y) rose 3 basis points to 4.70%, while the 2-year Treasury yield (US2Y) was 6 basis points higher at 4.36%.
Gold and silver prices
At the end of the July 23, 2026 trading day, gold was roughly $4,040 to $4,090 per ounce, with one market report showing spot gold at $4,041.59 after a 2.1% decline and earlier U.S. market data showing $4,082.89 at 8:05 a.m. ET.
Silver was around $58.67 to $59.90 per ounce, with one report quoting $58.67 in the morning and another later snapshot showing $59.90.
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© Copyright 2026 – Eurasia Business News. Article no. 3032
Eurasia Business News 