S&P 500 Slips 0.14% as 11th U.S. Strike on Iran Lifts Brent Above $94
Updated
Updated · CNBC · Jul 21
S&P 500 Slips 0.14% as 11th U.S. Strike on Iran Lifts Brent Above $94
3 articles · Updated · CNBC · Jul 21
Summary
The S&P 500 closed down 0.14% at 7,498.96, while the Nasdaq fell 0.57% and the Dow was nearly flat as higher oil prices weighed on risk appetite.
Brent crude rose 3.4% to $94.07 after the 11th straight round of U.S. strikes on Iran, stoking concern that energy-driven inflation could keep pressure on consumers and policy.
Fed-rate expectations shifted sharply with that move: futures implied a nearly 34% chance of a hike this month, up from 10% a week earlier, and a 78% chance of at least a quarter-point increase in September.
Earnings now become the next test for stocks, with Tesla, Alphabet, IBM, ServiceNow and Texas Instruments due as investors focus on AI spending, cloud demand and whether tech valuations can still be justified.
Single-stock moves underscored that split backdrop: Super Micro jumped nearly 20% after citing more than $60 billion in new orders, while GE Vernova fell more than 8% on an earnings miss.