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WALL STREET TANKS AS TECH EARNINGS DISAPPOINT, BRENT TOPS $100

U.S. stocks limped across the finish line of a bruising session on Thursday, as fears of rising inflation and underwhelming tech earnings following massive outlays on AI infrastructure tossed a bucket of ice-cold water on investor risk appetite.

The S&P 500 and the Dow slid 1.2% and 1.0%, respectively, while the tech-heavy Nasdaq tanked 2.2%. All three indexes suffered their largest single-day percentage drops in a month, with all three on track for weekly losses.

Consumer discretionary .SPLRCD and communication services .SPLRCL were among the day's biggest laggards, both falling more than 5%. Retail .SPXRT dropped 3.7%. Chips .SOX dipped 0.5%.

The one sector that seemed to be having a grand time of it was the S&P 1500 Aerospace & Defense index .SPCOMAED. War machinery makers jumped 3.1% on the day.

None of the companies in the Magnificent Seven group of AI-related megacaps were terribly magnificent on Thursday. All closed lower, with Alphabet GOOGL.O and Tesla TSLA.O down the most after their quarterly results disappointed. Their shares closed down 7.1% and 14.5%, respectively.

Intel INTC.O results are due shortly, and should provide more perspective on the chipmaking side of the AI equation.

Front-month WTI and Brent crude futures settled up 6.2% and 7.0%, respectively, after U.S. President Trump vowed to punish Iran for Houthi attacks on two Saudi oil tankers in the Red Sea, evidence that the U.S.-Israeli war on Iran is escalating and spreading.

Results from American Express AXP.N, Verizon VZ.N and SLB SLB.N are slated for Friday morning, drawing the second week of Q2 earnings season to a close.

Tomorrow, flash PMI and new home sales are due to punctuate a week that was unusually light on economic indicators.

Here's your closing snapshot:

(Stephen Culp)

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