The Dow Jones Industrial Average fell more than 500 points on Thursday, its fifth losing day in six, as a spike in oil prices and weak earnings from Tesla and Alphabet pressured US stocks. Index futures steadied early Friday.
The Dow dropped more than 500 points, or around 1%, on Thursday, marking its fifth negative day in six. The slide left the blue-chip Dow Jones Industrial Average heading for a weekly loss alongside the rest of Wall Street.
By early Friday the mood had calmed. Dow Jones futures traded 20 points lower, while S&P 500 futures were flat and Nasdaq-100 futures declined 0.26%.
The sell-off tracked a sharp move in energy markets. Brent crude topped $100 per barrel for the first time since late May, soaring about 7% on Thursday, while West Texas Intermediate futures advanced roughly 6%. The jump followed reports that two Saudi oil tankers were struck in the Red Sea.
Higher energy costs hit the broader market. The S&P 500 and Nasdaq posted their worst one-day performances since June 23, dropping 1.2% and 2.2% respectively.
Disappointing results from two megacap names deepened the retreat. Tesla tumbled nearly 15% — its worst day since March 10, 2025 — after an earnings miss for the second quarter. Alphabet fell 7% after raising its full-year capital expenditure guidance, its biggest daily decline since May 7, 2025.
The moves put the major averages on course for weekly declines. The Dow and S&P 500 have shed 0.8% and 0.7%, while the Nasdaq has lost 1.5%.
Source: CNBC
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