Stock Market Today: SPY, QQQ Pressured by AI Weakness as Oil Rallies

Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Friday as AI-related stocks continued to face pressure alongside higher oil prices.TipRanks Welcomes a New ETF – NYSE:RANK TipRanks has entered a new arena in the investing world, powering the index of an ETF based on its unique data now trading under the ticker RANK on the NYSE. RANK tracks the performance of the TipRanks US Momentum Analysts Index, a rules-based index of 50 large U.S. companies.Disclaimer & DisclosureReport an Issue

News That Moved the Stock Market Today

Brent crude oil (BZ) jumped over 4% after the U.S. launched strikes against Iran for the sixth consecutive day. The latest strikes targeted power plants, bridges, and a port surveillance tower.

Iran reinforced its claim over the Strait of Hormuz by attacking a Thai-flagged vessel, a source told the Fars News Agency.

The University of Michigan’s preliminary Index of Consumer Sentiment rebounded to 54.4 in July from 49.5 in June. The reading beat expectations of 51 and marked the second consecutive monthly gain of at least 10%.