Market Open: Stocks Fall, Yields Soar, Oil Tops $90 on Iran Escalation • 7/23/26

• Major stock indices (Dow, S&P 500, Nasdaq) plunged, extending previous losses, with the 10-year Treasury yield topping 4.7%.
• Oil prices surged, with US Crude over $90/barrel and Brent Crude over $100/barrel, amid escalating Middle East tensions and US strikes on Iran.
• Google parent Alphabet and IBM shares fell after quarterly results, while Tesla had mixed results due to EV competition.
• US weekly unemployment claims dropped to 187,000, the lowest in decades, suggesting a strong labor market.
• Eli Lilly is preparing to file for approval of a next-generation obesity drug, Retatrutide, next year.

Major stock indices plunged on July 23, 2026, extending losses as bond yields soared to multi-year highs and oil prices topped $100/barrel due to escalating Middle East tensions. Corporate earnings from Alphabet, Tesla, and IBM were met with negative market reactions, while US unemployment claims hit a multi-decade low, indicating a tight labor market.