Tesla Plunges 14.5%, Alphabet Falls 7.1% on July 23; Magnificent Seven Markets Drop $797B

According to Hkej Investment Research, Tesla and Alphabet tumbled 14.5% and 7.1% respectively on Thursday, July 23, following disappointing quarterly earnings, triggering broad weakness across the Magnificent Seven, which collectively shed $797 billion in market value—equivalent to more than two HSBC-sized companies and the steepest single-day loss since April 2025.

The selloff was amplified by geopolitical tensions, with Brent crude oil surging above $100 per barrel for the first time since May 22, as escalating U.S.-Iran tensions in the Persian Gulf raised concerns over potential military action. Meanwhile, investor expectations for faster rate hikes intensified, with FedWatch data showing the probability of a 0.25% Fed rate increase in mid-September climbing to 82% from 53% a week prior.