Stock Market News From April 23, 2026: Dow, S&P 500, Nasdaq Down; Trump, Iran Fears; Tesla, ServiceNow, IBM, More Movers
The Nasdaq slipped from record highs on Thursday after the first big wave of tech earnings failed to save the day.
The tech-heavy index fell 0.9%. The S&P 500 dropped 0.4%. The Dow dropped 180 points, or 0.4%. The S&P and Nasdaq finished Wednesday at closing highs.
Wall Street has had a flood of earnings reports to sift through over the past 24 hours. Tesla was the headliner, but results from International Business Machines, ServiceNow, United Rentals, and Freeport-McMoran were pulling the major indexes in different directions.
After Tesla slid on earnings, the Magnificent Seven struggled, too. Meta Platforms also announced it would cut 10% of its employees. Microsoft, Meta, Amazon.com, Apple, and Alphabet are set to report results next week.
In the wake of Texas Instruments’ latest report, the PHLX Semiconductor Index rose for a 17th day in a row, which is its longest winning streak based on Dow Jones Market Data going back to 1994.
Though chips and software had rallied together for eight of those days through Wednesday, the iShares Expanded Tech-Software Sector ETF fell sharply in the wake of ServiceNow’s report. International Business Machines also pointed to weakness in its software segment. IBM was a big drag on the Dow.
In the absence of major updates out of the Middle East, WTI crude oil futures rose 3.1% to $95.85 a barrel. Brent crude rose 3.1% to $105.07.
If Wall Street was looking to earnings season to keep the rally rolling, the latest round of results was a letdown.
