{"id":4519,"date":"2026-07-30T05:10:34","date_gmt":"2026-07-30T05:10:34","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=4519"},"modified":"2026-07-30T05:10:34","modified_gmt":"2026-07-30T05:10:34","slug":"dow-drops-over-1100-points-as-sinking-tech-stocks-combine-with-jumping-oil-prices-to-drag-markets-down","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=4519","title":{"rendered":"Dow drops over 1,100 points as sinking tech stocks combine with jumping oil prices to drag markets down"},"content":{"rendered":"
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The S&P 500 fell 1.5% after swinging sharply between gains and losses in the last hour of trading. The Dow Jones Industrial Average dropped 1,153 points, or 2.2%, and the Nasdaq composite slumped 1.7% to fall 9.8% below its record set last month.<\/p>\n

Read more More than 1,200 AI workers across Anthropic, DeepMind, OpenAI, and Meta are asking for Washington\u2019s help building an AI slowdown plan<\/a><\/p>\n

The action was more decisive in the oil market, where the price of Brent crude leaped 7.3% to settle at $88.09 per barrel after\u00a0fighting resumed in the war with Iran\u00a0and raised worries about\u00a0the global flow of oil.<\/p>\n

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Brent oil\u2019s price had swung as low as $72 early this month and as high as $102 last week on uncertainty about whether the United States and Iran could reach a deal to allow oil tankers to move freely again from the Middle East to customers worldwide.<\/p>\n

The swings have raised worries that\u00a0inflation\u00a0will reaccelerate, and traders came into the day betting on a roughly 34% probability that the Fed would raise its main interest rate in the afternoon, according to data from CME Group.<\/p>\n

Higher rates can keep a lid on inflation, but they can also\u00a0slow the economy and undercut prices for stocks\u00a0and other investments.<\/p>\n

Fed officials instead voted to keep the federal funds rate steady, though three members of the policymaking committee did want to raise rates. The Fed\u2019s chairman, Kevin Warsh, implied the bond market may already be doing some of the work to restrain inflation, and he pointed to how yields have climbed since the central bank\u2019s last meeting six weeks ago.<\/p>\n

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He reiterated his commitment to get inflation back to 2% following years of faster-than-hoped increases in prices, but he also stuck to his plan of giving financial markets fewer clues about what the Fed may do with interest rates in the near future.<\/p>\n

With less guidance from the Fed, financial markets may be set for more volatile trading amid the uncertainty.<\/p>\n

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\u201cDid the Fed take an explicit change in its policy rate today?\u201d Warsh asked rhetorically in a press conference following the Fed\u2019s decision. \u201cNo, but I think that\u2019s the beginning of the story.\u201d<\/p>\n

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Treasury yields swiveled up and down following the Fed\u2019s decision and Warsh\u2019s insistence on not guiding the market.<\/p>\n

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The yield on the two-year Treasury, which closely tracks expectations for Fed action, fell to 4.24% from 4.26% late Tuesday.<\/p>\n

But the 10-year Treasury yield, which moves more with expectations for inflation and economic growth in upcoming years, went in the opposite direction. It jumped to 4.68% from 4.61% late Tuesday.<\/p>\n

Read more Meta stock drops 10% as free cash flow gets crushed\u2014and Zuckerberg hints at launching cloud business with few details<\/a><\/p>\n

That\u2019s up from 3.97% before the war with Iran sent oil prices much higher, and the increase has already sent long-term U.S. mortgage rates to their\u00a0highest level in nearly a year.<\/p>\n

Higher rates particularly hurt stocks seen as the most expensive, and\u00a0scrutiny has already been rising\u00a0on makers of computer chips and other winners of the frenzy around\u00a0artificial-intelligence\u00a0technology.<\/p>\n

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The recent surges for sellers of computer processors and memory are backed by real revenue and profits, but the exceptional growth won\u2019t be sustainable if AI does not produce as much profit and productivity as hoped.<\/p>\n

The skepticism has hit South Korea\u2019s stock market in particular because it\u2019s dominated by two tech giants, Samsung Electronics and SK Hynix. Seoul\u2019s Kospi index tumbled 6% Wednesday, a day after it plunged 10.8%, and trimmed its gain for the year so far to 34.4%.<\/p>\n

SK Hynix\u2019s stock in Seoul dropped 9.6%. It reported record amounts of revenue and profit for a quarter thanks to strong demand because of AI. But its 257% growth in revenue still wasn\u2019t enough to meet analysts\u2019 expectations.<\/p>\n

On Wall Street, Nvidia was the heaviest weight on the S&P 500 after the chip company fell 3.6%.<\/p>\n

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KLA Corp., whose products and services help make semiconductors, lost 10.8% even though it reported stronger-than-forecast profit and revenue for the latest quarter. Expectations were high after its stock surged nearly 150% in this year\u2019s first six months.<\/p>\n

On Tuesday,\u00a0gains for stocks outside of AI\u00a0helped offset weakness for tech companies. Analysts have been saying such a rotation in the market from AI to less-loved areas could be healthy, but the majority of U.S. stocks fell with tech on Wednesday.<\/p>\n

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Hims & Hers Health tumbled 14.7%, for example, after the Federal Trade Commission, Utah and California alleged it shared consumers\u2019 sensitive health information about medical conditions with third-party advertising platforms despite claiming its services maintain consumers\u2019 privacy. Hims & Hers said their lawsuit is contorting \u201cthe law to try to manufacture claims,\u201d which it called baseless.<\/p>\n

All told, the S&P 500 fell 112.63 points to 7,316.15. The Dow Jones Industrial Average dropped 1,153.18 to 51,594.14, and the Nasdaq composite sank 433.97 to 24,442.94.<\/p>\n

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In stock markets elsewhere around the world, indexes were mixed. Hong Kong\u2019s Hang Seng rose 2%, and Japan\u2019s Nikkei 225 fell 1.5% for two of the bigger moves.<\/p>\n

Read more Robinhood CFO details surging prediction market business as firm posts record revenue in Q2<\/a><\/p>\n

___<\/p>\n

AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The S&P 500 fell 1.5% after swinging sharply between gains and losses in the last hour of trading. 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