Stock Market Dives as Oil Prices Surge and Treasury Yields Break Out

The stock market had a rough session on Thursday as oil prices surged and Treasury yields broke out. The Dow Jones Industrial Average shed 1% in trading, below its 21-day moving average and nearing its 50-day line.

The S&P 500 index gave up 1.2%, back below its 50-day line. The Nasdaq composite tumbled 2.15% after briefly undercutting its June 9 low.

However, not all stocks were affected equally by the market downturn. Many AI stocks rebounded on heavy capital expenditures, bucking the trend. Intel (INTC) reported earnings that beat expectations and guided higher, with its stock rising solidly in overnight action.

But tech titans like Google-parent Alphabet (GOOGL) and Tesla (TSLA) were among those that struggled, triggering huge losses. Oil prices soared 6.2% to $92.19 a barrel, up nearly 33% so far in July, while the 10-year Treasury yield rose five basis points to 4.7%, hitting its highest levels since January 2025.