New Tariffs Begin, Oil Climbs and Tech Slides
By Juliegrace Brufke | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: Stocks suffered their worst day in a month Thursday as Alphabet and Tesla fell sharply following earnings and oil surged above $100 a barrel after Houthi attacks on two Saudi oil tankers. The S&P 500 fell 1.21%, the Nasdaq dropped 2.15%, and the Dow lost 0.97%.
Alphabet slid more than 7% after raising its AI capital spending outlook, while Tesla dropped roughly 14% following an earnings miss and continued strong investment in AI and robotaxis. Initial jobless claims fell to 187,000, their lowest level since September 1969, reinforcing signs of a resilient labor market ahead of next week’s Federal Reserve meeting.
Comcast beat adjusted earnings expectations despite lower revenue, Honeywell raised its full-year outlook, and Intel rose about 4% after hours after reporting its fastest revenue growth in 15 years.
Today’s Focus: New U.S. tariffs of 10% to 12.5% took effect overnight on imports from about 60 trading partners, including Canada, Mexico, India and the U.K. The tariffs are expected to keep prices elevated on a range of imported goods, although the exact impact on consumers will depend on how much businesses pass the added costs along.
American Express and Verizon report before the opening bell, followed by the S&P Global Flash PMIs at 9:45 a.m. ET and June new-home sales at 10:00 a.m. ET.
ON THE SCHEDULE FOR FRIDAY, JULY 24, 2026
-Earnings – American Express, Verizon
-9:45 a.m. ET – S&P Global Flash U.S. Manufacturing and Services PMIs (July)
-10:00 a.m. ET – New Residential Sales (June)
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