Deep Losses for Wall Street... Dow Jones Loses 580 Points

July 23, 2026 - 21:52 | Last updated July 23, 2026 - 21:52

The main pressure on Wall Street came from a decline in Alphabet shares. (Traded).

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U.S. stocks deepened their losses during today's trading, as the Dow Jones index lost 580 points. This comes amid escalating tensions in the Middle East and rising oil prices, along with growing concerns about heavy spending on artificial intelligence following the earnings results of Alphabet and Tesla.

The main pressure on Wall Street came from a decline in Alphabet shares after its parent company Google raised its capital expenditure forecasts for this year, and a drop in Tesla shares after reporting lower-than-expected profits and expenses growing faster than revenue.

Pressure on Markets

Oil prices increased the pressure on markets after Brent crude surpassed the $100 per barrel mark, amid rising navigation risks in the Middle East and escalating mutual threats between Washington and Tehran. The yield on 10-year U.S. Treasury bonds also rose to its highest level since January 2025, driven by market bets on monetary tightening by the Federal Reserve starting from next September, after a possible interest rate hold at next week's meeting.

New Tariffs

On the other hand, White House spokesperson Karoline Leavitt announced that U.S. Trade Representative Jamieson Greer will later today announce a new package of tariffs. This comes after the U.S. Supreme Court in February rejected President Donald Trump's use of economic emergency powers to impose broad tariffs on imports; prompting the U.S. administration to apply a 10% global tariff under Section 122 of the Trade Act of 1974, which expires tomorrow. Following the Supreme Court decision, Greer launched in March a series of investigations under Section 301 of the same act, which allows the U.S. administration to impose new tariffs that may replace the current ones.

Wall Street Dow Jones Losses