Wall Street declines amid tech earnings shock

U.S. stock indices declined to their lowest levels in weeks, due to concerns over massive spending on artificial intelligence technology following the results of major tech companies, especially Alphabet and Tesla. The second-quarter earnings failed to ease these worries, as Alphabet's stock dropped by 6.4% and Tesla’s by 12.2%. Geopolitical tensions increased, particularly with the escalation of the Houthi attacks in Yemen and oil prices rising to around $100 per barrel, leading to heightened expectations of the Federal Reserve raising interest rates and an increase in Treasury bond yields. The market also showed varied performance among stocks, with rising expectations for rate hikes and improved unemployment benefit claims, while concerns continued about the impact of spending on economic profitability.

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