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Stock market today: Dow, S&P 500, Nasdaq drop as chip stocks tumble, Alphabet stock sinks
Grace O’Donnell, Jake Conley and Ines Ferré
Updated Fri, July 17, 2026 at 1:37 AM GMT+5:30
1 min read
US stocks tumbled on Thursday as investors took stock of the AI boom and key earnings reports, while an escalation in the US-Iran war continued to weigh
The Dow Jones Industrial Average (^DJI) reversed gains, falling 0.2%, while the S&P 500 (^GSPC) lost 0.5%. The Nasdaq Composite (^IXIC) declined by 1.5% as chip stocks came under pressure for a second day
Shares of Alphabet (GOOG, GOOGL) sank more than 4% after Bloomberg reported the tech giant was behind schedule on the delivery of Gemini 3.5 Pro, its most powerful AI model
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Semiconductor stocks continued to slide after Taiwan Semiconductor Manufacturing Company’s (TSM) robust earnings failed to impress markets, which have cycled through risk-on and risk-off sentiment amid investor scrutiny of high valuations. AI memory stocks, including SanDisk (SNDK) and Western Digital Corporation (WDC), were among the hardest hit
In other earnings updates, UnitedHealth Group (UNH) reported a Q2 earnings beat before the bell, as did GE Aerospace (GE), while Netflix’s (NFLX) second quarter report highlights the earnings calendar after the close
Investors, meanwhile, continue to monitor oil’s movement through the Strait of Hormuz after the US launched its latest wave of airstrikes on Iran on Wednesday. The Wall Street Journal reported Wednesday that Trump was briefed by aides on options to expand the conflict, including by increasing bombing and deploying ground forces
In economic data, retail sales showed consumers in June were weighed down by gasoline spending, while jobless claims showed fewer initial unemployment claims than expected, a positive development for the labor market
