The Dow steadied in Friday’s early futures after sliding more than 500 points a day earlier, its fifth losing session in six. A jump in oil prices and weak earnings from Tesla and Alphabet pressured the market, leaving Wall Street’s main gauges set for weekly losses.
Dow Jones Industrial Average futures traded 20 points lower early Friday, holding close to flat after a rough Thursday session. In regular trading, the Dow had dropped more than 500 points, or around 1%, its fifth negative day in six. A spike in oil prices and weak earnings from two megacap companies had pressured the broader market.
Brent crude topped $100 per barrel for the first time since late May, soaring about 7% on Thursday. West Texas Intermediate advanced roughly 6% on the day, after two Saudi oil tankers were reportedly struck in the Red Sea.
The setup mattered for how stocks reacted. According to LPL Financial’s Adam Turnquist, with sentiment and positioning extremely bearish, “even a modest deterioration in supply expectations can produce an outsized price response.”
Quarterly results from two tech heavyweights also weighed on the market. Tesla tumbled nearly 15% — its worst day since March 10, 2025 — after posting an earnings miss for the second quarter. Alphabet fell 7% after hiking its full-year guidance for capital expenditures, its biggest daily decline since May 7, 2025.
The broader gauges fared worse than the Dow. The S&P 500 and Nasdaq dropped 1.2% and 2.2%, their worst one-day performances since June 23.
Thursday’s slide put the major averages on course for weekly losses. For the week, the Dow and S&P 500 have shed 0.8% and 0.7%. The Nasdaq has lost 1.5%, the steepest of the three.
Source: CNBC
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