According to CNBC, stocks pulled back Thursday as rising oil prices pushed the U.S. benchmark WTI crude back above $90 a barrel, international benchmark Brent above $100 a barrel and the 10-year Treasury yield to 4.70%, its highest level since January 2025. The market now sees about an 83% chance the Federal Reserve will hike rates in September, up from 53% a week ago, according to the CME FedWatch tool.
Alphabet dropped more than 6% and was on pace for its worst day of the year after it reported negative free cash flow in the second quarter and raised its full-year capital expenditure outlook. Eli Lilly said retatrutide produced positive results in two late-stage trials, and the company plans to submit the obesity drug for approval to the Food and Drug Administration in the first quarter of 2027 through a Biologics License Application. Intel is due to report after the closing bell, followed Friday morning by earnings from American Express, Verizon, Charter Communications, SLB and HCA Healthcare.
Alphabet falls more than 6% as oil surge lifts yields
2026-07-23 18:40:05
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