U.S. stocks plummeted at the opening bell: tech giants and oil prices dragged the indices down

Major U.S. stock indices opened lower on July 23. The tech-heavy Nasdaq Composite fell the most, dropping 1.7% right off the bat amid pressure from sharp declines in Tesla and Alphabet shares.

Both giants reported their results for the previous quarter yesterday, announcing negative free cash flow amid massive investments in AI. Tesla’s stock plummeted 11% at the opening bell, while Alphabet’s shares fell 6.5%.

The stock market is also under pressure from soaring oil prices: futures for the benchmark Brent crude reached $100 per barrel for the first time since May.

This news story is being updated.

This article was AI-translated and verified by a human editor