TLDR
- Nasdaq fell 1.5% on Thursday, dragged lower by chip stocks including Nvidia and Broadcom
- S&P 500 dropped 0.5% and the Dow fell 0.2%, or 105 points
- Bitcoin slipped below $63,000 following fresh U.S. airstrikes on Iran
- Trump’s claims of Chinese election interference added pressure on risk assets
- Asian markets fell Friday, with Japan’s Nikkei down nearly 3%
The Nasdaq closed down 1.5% on Thursday, July 16, as a selloff in chip stocks pulled the broader market lower. The S&P 500 fell 0.5% and the Dow Jones dropped 0.2%, or 105 points.
Nvidia and Broadcom were among the heaviest drags on the indexes. Goldman Sachs and Caterpillar also weighed on the Dow.
Amazon and Alphabet added to the pressure on the S&P 500. Despite the index-level losses, more stocks within the Dow and S&P 500 actually closed higher than lower on the day.
The equal-weight S&P 500 traded higher, and the S&P 500 excluding tech was roughly flat. That points to the tech sector as the core of the problem.
Tech stocks have had a narrow leadership role in the market’s recent gains. That leadership is now weakening and pulling the broader indexes down with it.
Bitcoin Falls as Iran Strikes and U.S.-China Tensions Weigh on Risk Appetite
Bitcoin dropped below $63,000 on Friday after the U.S. launched fresh airstrikes on Iran. The cryptocurrency had already fallen nearly 1.4% on Thursday from around $65,000.
At the time of writing, Bitcoin was trading just below its 50-day simple moving average. That level is a widely watched indicator of short-term price momentum.
Iran’s semi-official Fars news agency reported that U.S. strikes hit five bridges in the southern Hormozgan province. A missile also struck Iran’s Chabahar maritime control tower.
BREAKING: Iran's IRGC warns that if the US targets Iranian infrastructure, Iran will "bring the Arabs back to the age of camels and sandals," and "destroy every last piece of infrastructure in the entire region as if it had never existed," per IRIB.
This is in direct response to…
— The Hormuz Letter (@HormuzLetter) July 16, 2026
Oil markets were relatively calm in response. WTI crude held steady at around $79 per barrel despite the escalation.
Asian equity markets fell sharply on Friday. Japan’s Nikkei dropped nearly 3%, hitting its lowest point in over a month. Australia’s ASX 200 fell 0.5%, and Nasdaq futures dropped 0.8%.
Late Thursday, President Trump announced the declassification of intelligence reports alleging that China interfered in the 2020 U.S. election. He claimed Beijing obtained 220 million U.S. voter records. China’s embassy denied the claims.
The allegations raised concerns about U.S.-China relations ahead of a planned meeting between Trump and Chinese President Xi Jinping in September.
The Australian dollar, often used as a proxy for China-linked risk, fell against the U.S. dollar on the news. Analysts say the timing of the allegations could complicate diplomatic relations before the September talks.
“Trump’s decision to level fresh, sweeping accusations against Beijing weeks ahead of that meeting introduces a new source of friction risk,” said Eamonn Sheridan, Chief Asia-Pacific Currency Analyst at InvestingLive.
Any further deterioration in U.S.-China relations could add pressure to risk assets including Bitcoin in the sessions ahead.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
