Finance

Technology equities continued their downward trajectory as investors displayed growing concerns regarding the massive capital investments poured into artificial intelligence without immediate financial yields. Heavyweights like Alphabet spooked Wall Street by raising its 2026 capital spending targets significantly, adding to broader equity market anxieties. Additional pressure mounted on chipmakers, with memory manufacturers like Sandisk and Micron Technology suffering sharp single-session declines.

Global energy markets experienced a reprieve as Brent crude oil futures slipped nearly 4% to settle around $96.78 a barrel, retreating from a spike past the $100 threshold earlier in the week. The decline was catalyzed by reports indicating that diplomatic efforts backed by China are seeking a path to resume stalled talks between the United States and Iran. This moderate pullback in energy costs subsequently mitigated some near-term inflation anxieties and lowered Treasury yields.

The personal net worth of billionaire Elon Musk has taken a significant hit this month due to concurrent downward movements in his primary business ventures. Tesla shares fell significantly after registering its first negative free cash flow figures in two years, bringing its total monthly decline to roughly 26%. Simultaneously, SpaceX has dropped about 33% through July, retreating substantially from the peaks established shortly after its public market debut in June.