US-Iran Conflict Continues, US Stocks Close Lower, Oil Price Hits Six-Week High, Google Earnings Report Drives After-Hours Trading

BlockBeats News, July 23. Last night and this morning, the US-Iran conflict showed no signs of cooling down, with both sides exchanging harsh words and emphasizing their respective red lines: Trump stated that every time Iran fires at ships in the Strait of Hormuz, the US will bomb and destroy an Iranian bridge or power plant. The US does not need the Strait of Hormuz and is cooperating with Venezuela to produce oil. Iran responded by saying, "If Iran cannot sell oil, no other country can sell either; if Iran's security is not guaranteed, no infrastructure will be safe."

As a result, US stocks came under pressure but with limited losses. According to Bitget data, the S&P 500 fell by 0.1%, the Nasdaq dropped by 0.57%, and the Dow remained basically flat. On the other hand, WTI crude oil futures rose by nearly 3%, hitting a six-week high.

Additionally, according to BIT (bit.com) market data, regarding individual stocks, Meta fell by over 2%, leading the decline among the seven tech giants. SpaceX fell by over 6%, hitting a new low since going public. Chip stocks showed mixed performance, with the Philadelphia Semiconductor Index rising by 0.44%. NVIDIA rose by 2.3%, Micron fell by 1.17%, and storage stocks generally rose, with STX and WDC both up by over 1%. Most bank stocks rose, as did energy stocks.

After the US stock market closed, Alphabet reported earnings that exceeded expectations, with revenue growth and a significant increase in capital spending expectations. As a result, Alphabet plunged by over 4% in after-hours trading, while AI infrastructure stocks soared. CoreWeave rose by 3.7%, SanDisk rose by 3%, and Micron rose by 2.9%.

Furthermore, Tesla saw a 26% increase in Q2 revenue but an 18% drop in profits, falling far short of expectations. It emphasized being in the midst of its largest investment phase, with free cash flow turning negative for the first time in two years but stronger than expected. The stock further declined by nearly 4% in after-hours trading, reiterating that annual capital expenditures will exceed $25 billion, expecting growth in the next two to three years.