On July 23, 2026, U.S. stock futures fell as investors responded to the latest financial outlooks from major companies like Alphabet and Tesla, amidst rising oil prices due to ongoing tensions in the Middle East. The Dow Jones and S&P 500 futures decreased by around 0.4%, while the Nasdaq-100 saw a 0.5% drop. After robust earnings reports, both Alphabet and Tesla faced scrutiny over increased capital expenditures (capex) related to AI investments, with Tesla predicting a significant capex year in 2026. Oil prices surged, with Brent crude nearing $100 per barrel, contributing to a sell-off in bonds and rising Treasury yields amid inflation concerns. Investors awaited updates on jobless claims and earnings from various companies including Intel and Lockheed Martin.

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Stock market today: Dow, S&P 500, Nasdaq futures slip as markets weigh AI capex, widening Mideast attacks

Grace O'Donnell· Editor, Special Projects

Updated Thu, July 23, 2026 at 5:00 AM EDT2 min read

US stock futures stepped lower on Thursday as investors digested the latest spending outlooks from Alphabet ( GOOG) and Tesla ( TSLA), and eyed surging oil prices in the wake of expanded attacks in the Middle East.

Futures on the Dow Jones Industrial Average ( YM=F) and on the S&P 500 ( ES=F) both fell around 0.4%. Contracts for the tech-heavy Nasdaq-100 ( NQ=F) dropped 0.5%, after Wall Street stocks retreated on Wednesday amid a flurry of earnings reports.

7,517.25 -23.00 (-0.31%)

As of 4:56:48 AM EDT. Market Open.

ES=FYM=F NQ=F

Big Tech stocks were under pressure on Thursday morning, led by declines in shares of Alphabet and Tesla after the two "Magnificent Seven" heavyweights reported results after Wednesday's market close.

Alphabet posted a strong quarter fundamentally, but the Google parent's raised capex outlook comes as investors scrutinize AI's return on investment. Tesla CEO Elon Musk also said 2026 would be a "massive capex year" for the company, highlighting a focus on Optimus robots, robotaxis, and data centers.

The latest escalation in the Middle East, meanwhile, shows no signs of relenting, and oil prices continued to climb on Thursday. Brent crude ( BZ=F) oil futures, the international benchmark, jumped to $97 per barrel, closing in on crossing the key $100 level. West Texas Intermediate futures ( CL=F), the US benchmark, rose to $89 per barrel after Iran-backed Houthis said they had attacked tankers in the Red Sea.

As the US-Iran war has widened, rising oil prices spurred a sell-off in bonds, sending the 10-year ( ^TNX) and 30-year Treasury yields ( ^TYX) to their highest levels since May amid renewed inflation concerns. The latest pressure from oil has pushed back against easing bets that the Federal Reserve would hike interest rates this year.

Investors are expecting an update on initial jobless claims at 8:30 a.m. ET and a raft of earnings, including from Intel ( INTC), T-Mobile US ( TMUS), Lockheed Martin ( LMT), and others.