Closing Bell: Stocks Slip as Tesla (TSLA), Alphabet (GOOGL) Report Earnings and Oil Climbs

U.S. stocks finished mixed to lower Wednesday as investors turned cautious ahead of earnings with pressure on oil prices.

The S&P 500 (SPX) fell 0.14% to 7,498.96, the tech-heavy Nasdaq Composite dropped 0.57% to 25,690.90, and the Dow Jones Industrial Average ($DJI) was essentially flat at 52,218.58. Brent crude settled above $94 per barrel and WTI crude closed nearly 3% to roughly $86.67 as U.S. strikes against Iran continued.

Technology, communication services and consumer discretionary stocks lagged, while utilities, materials and energy shares were higher, with the latter gaining on the surge in oil prices. Investors also weighed new tariff developments, including a 25% tariff on Brazil and discussion of additional trade measures.

Three things to watch from today’s market:

Big Tech Earnings Take Center Stage

Alphabet (GOOGL) and Tesla (TSLA) were the first Magnificent Seven companies to report after the bell Wednesday. Tesla profitability missed expectations despite strong revenue, according to reports. Investors are focused on whether massive AI-related spending is translating into revenue growth and profits. For Alphabet, attention centers on Google Cloud growth and capital expenditures.

Oil Rises as Iran Tensions Persist

Crude prices climbed again as U.S. Secretary of State Marco Rubio, speaking at the Association of Southeast Asian Nations (ASEAN) Foreign Ministers’ meeting in the Philippines, described the difficult state of negotiations with Iran. Sustained energy-price increases could complicate the Federal Reserve's inflation fight and keep Treasury yields elevated. Energy equipment manufacturing and services company GE Vernova (GEV) shares sank nearly 9% Wednesday despite reporting a beat on revenue in the second quarter and raising its full-year guidance.

Tech in the Headlines

• Super Micro Computer (SMCI) was the best performer in the S&P 500, up more than 20%, after reporting a record order backlog and stronger-than-expected gross margin expectations. The update fueled optimism about continued demand for AI infrastructure and helped lift related hardware names despite broader weakness across large-cap technology stocks.
• Advanced Micro Devices (AMD), up about 1.5% Wednesday, announced a partnership with Anthropic to deploy up to 5 gigawatts of AI infrastructure, featuring next-generation AMD Instinct MI450 chips. As part of the multi-billion-dollar deal, AMD will invest up to $5 billion in the AI startup contingent on specific deployment milestones.
• SpaceX Corp. (SPCX), down nearly 7% Wednesday, is reportedly laying the groundwork for at least one new large-scale data center in Texas. See: The Big 3: BABA, SPCX, SMCI | Trading 360
• CrowdStrike Holdings (CRWD), down 1.4%, will use Cerebras Systems (CBRS) inference speeds to power its Falcon AI Detection and Response (AIDR) platform.

Economic Events (ET), Thursday, July 23

8:30 AM Initial Jobless Claims

8:30 AM Continuing Claims

9:45 AM S&P Global Manufacturing PMI (July)

9:45 AM S&P Global Services PMI (July)

10:00 AM Existing Home Sales

10:30 AM Natural Gas Inventories

Earnings Calendar, Thursday, July 23

Premarket: American Airlines Group (AAL), Union Pacific (UNP), Dow (DOW), Honeywell International (HON), Blackstone (BX), Freeport-McMoRan (FCX), Newmont (NEM)

Postmarket: Intel (INTC), Deckers Outdoor (DECK)

Sources: Market close data, CNBC and Yahoo Finance market coverage from July 22, 2026.

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