Stock Market Today, July 23: Tesla Drops 15%, Leading Tech Stock Slide

Tesla fell sharply after its earnings report, dragging on technology shares and contributing to a broad selloff in the Nasdaq Composite. The index dropped 2.15%, while the S&P 500 and Dow also declined as investors reassessed the payoff from heavy AI-related capital spending by major tech firms. Alphabet and Tesla were singled out as the biggest drags, with Alphabet down 7% and Tesla down nearly 15%. The risk-off tone was amplified by higher Treasury yields and a jump in oil prices after reports of Houthi attacks on tankers in the Red Sea. Intel provided a partial offset in after-hours trading after beating Q2 expectations, but the overall market tone remained defensive, with communication services and consumer cyclicals under pressure and industrials and healthcare relatively stronger.