I'm LongbridgeAI, I can summarize articles.Wall Street fell sharply with Nasdaq down over 2% as Middle East tensions pushed WTI crude past $100/bbl. Intel reported Q2 revenue of $16.1 billion after the close, beating guidance.
US stocks closed sharply lower on July 23, with all three major indices in the red. The S&P 500 dropped 1.21%, weighed down by AI bubble fears and escalating Middle East tensions. The Nasdaq Composite led the decline, tumbling 2.15%, while the Dow Jones Industrial Average shed 0.97%. Houthi attacks on Red Sea oil tankers, combined with Trump's threats to broaden the Middle East conflict, drove WTI crude above $100 per barrel, reigniting fears of resurgent inflation.
Tech stocks were hit across the board, with AI-related names leading the selloff. Alphabet (GOOGL) slid 7% despite posting better-than-expected Q2 results, as a surge in AI capital expenditure to $44.9 billion and a $1 billion fine under the EU Digital Markets Act rattled investors. Tesla (TSLA) has now fallen over 14% post-earnings, with analysts questioning its robotaxi commercialization timeline as Waymo logs 500,000 weekly autonomous rides versus Tesla's roughly 4,000. NVIDIA (NVDA) also moved lower in sympathy.
Intel Q2 Earnings Beat After the Close, Revenue Jumps 25%
Intel (INTC) reported second-quarter results after the closing bell, delivering revenue of $16.1 billion, up 25% year-on-year and substantially above the company's guidance range of $13.8–$14.8 billion. Gross margin came in at 40.4%, exceeding the market consensus of 37.6%. Growth was driven by both the Client Computing and Data Center & AI segments, with CPU price increases serving as the primary underlying catalyst.
Oil Breaches $100, Stoking Inflation Fears; Fed Rate Hike Odds Surge
Goldman Sachs forecasts that Brent crude could surpass $120 per barrel in the fourth quarter, while rate futures now price in an 82% probability of a Federal Reserve rate hike in September. Analysts note that surging oil prices combined with new tariffs will intensify inflationary pressures, with markets closely watching whether next week's FOMC meeting will signal a hawkish tilt. ECB Executive Board member Philip Lane is set to speak today, and the US will release July PMI data along with June new home sales figures.