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US Equity Markets Mixed as Oil Prices Decline on Efforts to Mediate Peace Between US, Iran

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US equity indexes were mixed Friday as crude oil declined amid China-backed Pakistani efforts to mediate peace between the US and Iran.

* Pakistan is exploring a pathway to restart stalled peace negotiations between the US and Iran following a Chinese initiative, Reuters reported Friday, citing three Pakistani sources.

* The July flash reading of manufacturing conditions from S&P Global slipped to 53.8 from 53.9 in June, compared with 54.4 expected in a survey compiled by Bloomberg.

* August West Texas Intermediate crude oil fell $2.61 to settle at $89.58 per barrel, while September Brent crude, the global benchmark, was last seen down $3.47 at $97.22.

* Salesforce (CRM) shares were up about 4.3%, the top gainer on the Dow, after the company said Friday the US Department of Veterans Affairs awarded the company, through its distribution network, a three-year $1.6 billion agentic enterprise license agreement.

* C.H. Robinson Worldwide (CHRW) shares were down nearly 9.2%, among the worst performers on the S&P 500, after the company said a jury in Dallas County, Texas, issued a $604 million advisory verdict against the firm and two other defendants in a lawsuit stemming from a trucking accident involving an independent motor carrier.

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Update: US Equity Indexes Slump, Crude Oil Soars as Iran-Backed Houthis Hit Tankers in Red Sea Chokepoint

(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes dropped, as government bond yields jumped with crude oil after Iran-aligned Houthis attacked Saudi Arabian tankers and investors awaited Intel's (INTC) earnings following a decline in the shares of mega-caps Alphabet (GOOG, GOOGL) and Tesla (TSLA).The Nasdaq Composite slumped 2.4% to 25,074.5, the S&P 500 dropped 1.4% to 7,393.7, and the Dow Jones Industrial Average declined 1.1% to 51,654.6 ahead of Thursday's close. Intel's quarterly results are due after the bell on Thursday.Iran flew Islamic Revolutionary Guard Corps commanders, military advisers, and missile- and drone-related equipment into Yemen this month, according to four sources, in a move that suggests Tehran is seeking to strengthen the ability of its Houthi allies to threaten Red Sea shipping, Reuters reported.Houthi rebels said they attacked two Saudi Arabian oil tankers in the Red Sea on Thursday, according to a report from the Associated Press, further heightening supply concerns as the militants sought to disrupt Middle East exports.The front-month US West Texas Intermediate soared 5.7% to $91.78 a barrel, and global benchmark North Sea Brent spiked 6.5% to $100.21 a barrel.Crude oil extended its rally after "Iran-backed Houthi militants struck two Saudi tankers in the Red Sea," Saxo Bank said in a note. The bid "reflects the US-Iran conflict, the Houthi threat to Red Sea shipping through the Bab el-Mandeb Strait, and Tehran's dismissal of peace talks," it said.US Treasury yields jumped, extending gains, reflecting concerns that an extended disruption to crude oil supplies may make it more challenging for the Federal Reserve to bring inflation down to its 2% target. The 10-year marched 4.2 basis points higher to 4.7% after touching its highest intraday level in a year. The two-year surged 5.1 basis points to 4.35% after yields hit a fresh 52-week high this week.In company news, Tesla shares fell 15%, the worst performer in the S&P 500 and the Nasdaq, after the firm reported a steeper-than-expected drop in Q2 adjusted earnings. Gross and operating margins missed consensus "considerably," and "more important aspects are an increase in capital investments and operating expenses related to the AI transition," Truist Securities said in a note. Free cash flow turned negative in Q2, with an outflow of $1.1 billion.The European Commission fined Alphabet's Google 890 million euros ($1.04 billion) after the company violated the Digital Markets Act through self-preferencing in Google Search and anti-steering practices on Google Play. Shares slumped 7%, among the steepest decliners on the S&P 500, the Nasdaq, and the Dow.

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Update: US Equity Indexes Sink as Mag-7 Stalwarts Disappoint, Houthis Attack Saudi Tankers in Red Sea

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