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

Market Trends & Macroeconomy - Wall Street extended previous losses as major averages declined, with the 10-year Treasury yield topping 4.7%, marking the highest level since January 2025 [1] - The Dow Jones Industrial Average plunged nearly 600 points (specifically 591 points or over 1%), and the S&P 500 index dropped 77 points (over 1%) [1][2] - The NASDAQ index tanked 450 points or 1.75% (1 and 3/4%), with chipmakers mostly in the red except for Micron, which rose almost 2% [2] - The national average for a gallon of regular gasoline increased by 3 cents overnight to reach $49 per gallon (Note: transcribed as $49 in source text), driven by rising crude prices [4] - Mortgage rates rose toward 7%, with the average rate on a 30-year fixed home loan sitting at 6.77% based on Mortgage News Daily data [5] - Initial weekly unemployment benefit applications fell to 187,000, marking the lowest weekly number since the late 1960s [7][8] Industry Dynamics & Corporate Performance - Google parent Alphabet shares dropped 5.5% after reporting quarterly results, weighed down by heavy AI spending that overshadowed growth [1][5] - Brent crude oil approached $100 a barrel (topping $100 as the world's benchmark), while U.S. crude topped $90 a barrel amid escalating Middle East tensions involving Saudi Arabian tankers [2][4] - IBM shares declined following disappointing quarterly results, coming after a preliminary release that triggered the largest sell-off in the company's history, with IBM losing a quarter of its value [6] - Eli Lilly is set to file for approval for its next-generation obesity drug, Retatrutide, next year following successful trial clearances, positioning it as a potentially more effective weekly injection [9]