Rising crude prices and mixed quarterly results from Tesla and Alphabet drive U.S. equities lower amid inflation concerns.
U.S. stocks declined Thursday as oil prices surged past $100 per barrel, fueled by Middle East tensions. The S&P 500 and Nasdaq retreated as investors parsed earnings from major tech firms.
Tesla shares dropped 12.5% after increased capital spending hurt free cash flow, while Alphabet fell 6.5% despite revenue growth, as margin pressures disappointed. Treasury yields rose, reversing recent inflation improvements and raising affordability worries.
The move reflects broader concerns over energy costs and their potential impact on corporate earnings and consumer spending.