Trading Day: Burn, baby, burn

ORLANDO, Florida, July 23 : European and U.S. stocks slumped while bond yields shot higher on Thursday, with global markets rocked by oil's surge above $100 a barrel and earnings reports from two U.S. "Big Tech" companies that showed they are burning through cash at an alarming rate. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today.1. Alphabet's cash burn raises alarm for Big Tech as AI spending climbs2. Trump vows to punish Iran for Houthi attacks in Red Sea; oil surges over $100 3. ECB keeps rates unchanged but September hike stays in play4. Warsh's no-guidance approach confronts a hawkish world and hawkish Fed colleagues5. U.S. Treasury bill issuance grows, heightens long-term riskToday's Key Market Moves• STOCKS