Market Midday: Stocks Lower, Bond Yields Higher, Mortgage Rates Hit 13-Month High • 7/23/26

• Major stock indices (Dow, S&P 500, Nasdaq) are significantly down, with tech giants like Alphabet, Amazon, and Salesforce leading the decline.
• The 10-year Treasury yield hit its highest level since January 2025 (over 4.7%), and mortgage rates reached 6.85%, the highest since June 2025.
• Oil prices are popping, with US crude above $92/barrel and Brent crude topping $100/barrel, fueled by Middle East tensions.
• American Airlines and Southwest Airlines CEOs report strong demand and no resistance to higher fares, with bag fees alone generating $1 billion annually for Southwest.

Financial markets are experiencing a broad sell-off on July 23, 2026, driven by a new front in the Iran war, rising oil prices, and Federal Reserve uncertainty. Major averages are down, bond yields are at multi-year highs, and mortgage rates have surged. Despite the downturn, some companies in diagnostics, railroads, and industrials are hitting fresh all-time highs, and airline CEOs report strong demand despite increased fares.