Nasdaq futures indicated a decline at the opening on Thursday, as shares of Tesla and Google parent Alphabet experienced a downturn following their earnings reports. Meanwhile, Brent crude futures approached the $100 per barrel mark for the first time in two months. The Nasdaq 100, Dow Jones Industrial Average, and S&P 500 experienced declines of 0.6%, 0.5%, and 0.4%, respectively, in recent trading sessions. Yesterday, major indexes experienced a modest decline ahead of the quarterly results announcements from Tesla and Alphabet after the market close. Tesla shares were down 6% premarket Thursday after the electric vehicle maker’s profit came up short of analysts’ estimates as AI spending accelerated.

Alphabet’s stock experienced a decline of 4% despite the company’s robust performance, as it increased its full-year capital expenditure forecast to as much as $205 billion. This drop coincided with reports that the European Union imposed a fine of approximately $1 billion on Google for purportedly favouring its own search services. All of their fellow Magnificent Seven members were also lower before the bell. In other moves of notable tech companies that reported earnings after the close yesterday, shares of enterprise software maker ServiceNow surged 6.5%, chipmaker Texas Instruments declined by 4%, and Dow component International Business Machines experienced a decrease of 1.5%. Among companies that reported early Thursday, shares of RTX rose 5%, Lockheed Martin advanced 4.5%, Honeywell International gained 2.5%, Comcast added less than 1%, T-Mobile US fell 4%, and American Airlines Group declined 3.5%.

Intel is set to do so after markets close. In addition to earnings, investors on Thursday were closely monitoring developments in the Middle East. Oil prices have maintained their upward trajectory following reports of an attack on a Saudi Arabian tanker by Iran-backed Houthi rebels in Yemen. Brent crude futures, the global benchmark, recently increased by 5% to $98.75, while West Texas Intermediate futures, the U.S. benchmark, saw a rise of 4.6% to $90.75 a barrel. With petrol prices having moved back above $4 a gallon, stoking inflation fears, the 10-year Treasury yield—which influences interest rates on a variety of consumer loans including mortgages—approached its 52-week high of 4.69% set on May 19. The yield recently stood at 4.68%, reflecting an increase of one basis point from Wednesday’s close.

According to the CME Group’s FedWatch tool, traders are currently assigning a 34% probability to a Federal Reserve rate hike at its upcoming meeting, a notable increase from approximately 12% just a week prior. Additionally, there is now a 78% likelihood of at least a quarter-percentage-point rate hike at the September meeting, rising from 52% a week earlier. Bitcoin was trading around 65,800, down slightly over the past 24 hours. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, increased to 101.18. Gold futures experienced a decline of 1.4%, settling at $4,090 per ounce.