Alphabet falls more than 6% as oil surge lifts yields

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.