The Nasdaq Composite (^IXIC) suffered the worst of the losses, tumbling 2.1% and briefly breaking below 25,000 for the first time since May. Big Tech stocks sold off, led by declines in Alphabet and Tesla shares after the two "Magnificent Seven" heavyweights reported results after Wednesday's market close. The latest escalation in the Middle East, meanwhile, shows no signs of relenting, and oil prices continued to climb on Thursday. Brent crude (BZ=F) oil futures, the international benchmark, crossed the key $100 level. The latest pressure from oil has pushed back against easing bets that the Federal Reserve would hike interest rates this year.