Thursday, July 23, 2026 delivered Wall Street’s worst single session in a month. The Dow Jones Industrial Average fell 506.93 points (-0.97%) to close at 51,711.65, the S&P 500 dropped 1.21% to 7,408.30, and the Nasdaq Composite sank 2.15% to 25,137.69 — its steepest decline in weeks. Decliners outnumbered advancers by a wide margin on both the NYSE and Nasdaq as a one-two punch of disappointing Big Tech earnings and a Middle East-driven oil spike above $100 a barrel sent investors rushing for the exits. Here are 10 top stock losers today and exactly why each one fell.

1. Tesla, Inc. (NASDAQ: TSLA) — Down Roughly 14.5%

• Shares opened near $374 and closed around $320, erasing more than $140 billion in market value in a single session — one of Tesla’s sharpest one-day declines since its 2010 IPO.
• Q2 2026 revenue hit a record $28.24 billion, up 26% year over year, on a record 480,126 vehicle deliveries.
• Yet operating income collapsed 57% to $398 million, compressing operating margin to just 1.4%, while adjusted EPS of $0.33 missed the roughly $0.50–$0.53 consensus badly.
• Why it’s trending: Capital expenditures more than doubled year over year to $5.79 billion (+142%), with management guiding to over $25 billion in 2026 capex, pushing free cash flow into negative territory.
• Catalyst: Vague updates on Robotaxi and Optimus timelines during the earnings call did little to reassure investors already nervous about execution pace.

2. Alphabet Inc. (NASDAQ: GOOGL) — Down Roughly 7%

• Shares fell to around $317.69 after the Google parent lifted its full-year 2026 capital expenditure guidance to $195–$205 billion, up sharply from a prior $180–$190 billion range.
• Despite the sell-off, underlying fundamentals were strong: 24% sales growth, an 82% jump in Google Cloud revenue, and a 30% rise in operating income.
• Why it’s trending: Quarterly capex alone surged to roughly $44.9–$45 billion, and free cash flow turned negative, reigniting Wall Street’s debate over whether AI infrastructure spending will pay off fast enough to justify the outlay.

3. SpaceX (NASDAQ: SPCX) — Down 6.7%

• Shares closed at $115.26, a fresh closing low since the company’s June 12 IPO, and slid further to roughly $113.75 in extended trading.
• The stock is now down nearly 49% from its June peak of $225.64, wiping out more than $1 trillion in combined market value from that high.
• Catalyst: An August 6 lock-up expiry could release as many as 911.5 million shares onto the market, and the company’s Cursor acquisition has added fresh dilution concerns.
• Technicals: Two Raptor engine failures during recent Starship tests — including an aborted July 16 launch — have investors nervous ahead of tonight’s Flight 13 attempt, a mission seen as pivotal for restoring confidence in Starship’s reliability.

4. Palantir Technologies Inc. (NASDAQ: PLTR) — Down 6.1%

• Shares dropped to $124.57 as investors trimmed exposure to expensive AI software names ahead of the company’s Q2 earnings, due August 3.
• Why it’s trending: The sell-off combined recent insider selling, scrutiny over Palantir’s UK National Health Service contract, and broader nerves about a roughly 42-times-sales valuation.
• Fundamentals: Despite the drop, Palantir still guided full-year 2026 revenue to $7.65–$7.66 billion, and its most recent quarter showed 85% year-over-year revenue growth with a 46% GAAP operating margin — underscoring that today’s move was largely a valuation reset, not a fundamental red flag.

5. C3.ai, Inc. (NYSE: AI) — Down Roughly 6.1%

• C3.ai fell in lockstep with Palantir as the broader enterprise AI-software basket got hit by the same valuation anxiety.
• Why it’s trending: With no company-specific news driving the move, the decline reflects sector-wide repricing of high-multiple AI software stocks rather than any change to C3.ai’s underlying business.

6. Rivian Automotive, Inc. (NASDAQ: RIVN) — Down 4.19%

• Shares closed at $16.46 as the EV sector absorbed collateral damage from Tesla’s earnings-day plunge.
• Why it’s trending: Investors are asking whether Tesla’s negative free cash flow and margin compression are a broader signal for EV manufacturers still scaling production, making Rivian and its peers a proxy trade on Tesla’s read-through.

7. Lucid Group, Inc. (NASDAQ: LCID) — Down 4.87%

• Shares slid to $6.45, tracking Rivian and Tesla lower in a rough session for electric-vehicle names broadly.
• Catalyst: With no Lucid-specific news driving the move, the decline reflects pure sector rotation away from EV stocks following Tesla’s disappointing margin and cash-flow figures.

8. Advanced Micro Devices, Inc. (NASDAQ: AMD) — Down 2.29%

• Shares dropped to $539.69 after AMD disclosed that its Helios AI racks have entered production, but shipments aren’t expected until around the end of Q3, with a wider OpenAI deployment pushed out to 2026.
• Why it’s trending: The delayed revenue timeline offset a recent 11.4% rally in the stock, even as AMD’s Data Center revenue climbed 57% to $5.8 billion in a prior quarter and management guided Q2 revenue to $11.2 billion.
• Fundamentals: Broader semiconductor-sector weakness compounded the pullback, with chip stocks broadly under pressure amid the day’s risk-off tone.

9. SoundHound AI, Inc. (NASDAQ: SOUN) — Down 3.7%

• Shares fell to $6.22 despite the company announcing a new partnership with Deliverect, whose technology operates in more than 80,000 locations worldwide.
• Why it’s trending: Preliminary Q2 revenue of $52.47 million (+23% year over year) was overshadowed by concerns about whether SoundHound can hit its full-year target of $225–$260 million, requiring a steep acceleration in the back half of 2026.

10. Newmont Corporation (NYSE: NEM) — Down After Hours Following Earnings

• Shares closed the regular session down about 1.1% near $94.72, then slipped further after hours to roughly $93.39 once Q2 2026 results crossed the wire.
• The world’s largest gold miner posted an EPS beat but a revenue miss of roughly 3% versus consensus, with production guided lower for 2026 (about 5.26 million ounces versus 5.89 million in 2025) amid rising all-in-sustaining costs.
• Why it’s trending: Gold prices themselves fell 2.36% to $4,048.76 on the day as a firmer U.S. dollar and rising Treasury yields reduced safe-haven demand, compounding pressure on miners even after a mostly solid quarter.

Sector Sentiment Snapshot

• Communication services and consumer cyclicals were the session’s worst-performing sectors, dragged down directly by Alphabet and Tesla.
• Technology and AI software names broadly underperformed as investors reassessed the return timeline on massive AI infrastructure spending.
• Industrials and healthcare, by contrast, showed relative strength, highlighting a bifurcated tape rather than a uniform market-wide rout.

Forecast and What to Watch Next

• Rates and oil: The 10-year Treasury yield climbed to a 52-week high of 4.67%, while WTI crude jumped 5.8% to $91.84 a barrel on reports of Houthi attacks on tankers in the Red Sea — both dynamics that could keep volatility elevated into next week.
• Earnings season continues: Friday, July 24 brings another wave of reports, including American Express, NextEra Energy, and Verizon, which should help clarify whether Thursday’s tech-led sell-off marks a durable shift in sentiment or a one-day earnings-driven air pocket.

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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