Tech Earnings and Oil Price Surge Batter US Stock Markets
Major US stock indexes plummeted on Thursday due to dismal earnings reports from tech giants and a sharp rise in crude oil prices.
The S&P 500 Index dropped 1.49%, while the Dow Jones Industrial Average slid 1.11%. The Nasdaq 100 Index recorded the heaviest decline among major benchmarks, falling 2.26%.
The sell-off was triggered by disappointing corporate reports from key technology sector heavyweights. Shares of Alphabet plummeted 7% after the firm raised its capital expenditure projection for this year to $205 billion, more than double its 2025 spending level.
Tesla suffered an even steeper drop, declining 14%, following its quarterly earnings release. The electric vehicle manufacturer disclosed a significant surge in capital expenditures, prompting critical questions about Chief Executive Officer Elon Musk's operational shift toward prioritizing artificial intelligence and robotics initiatives over core manufacturing operations.