NEW YORK, August 10, 2026, 12:04 EDT — U.S. stocks opened cash trading with energy gains helping to balance pressure from lagging chipmakers as major benchmarks traded close to all-time highs.
- The S&P 500 added 0.02%. The Dow slipped 0.12%, and the Nasdaq declined 0.17%.
- Energy rose 3.36%, whereas the semiconductor gauge fell 1.26%.
- Initial consensus estimate: Annual inflation in July eased to 3.4%.
U.S. equities traded close to all-time highs on Monday, as a surge in energy shares driven by rising oil prices balanced out declines in semiconductor stocks. The S&P 500 (INDEXSP:.INX) rose 0.02%. The Dow (INDEXDJX:.DJI) and the Nasdaq Composite (INDEXNASDAQ:.IXIC) edged lower.
Despite quiet headline moves, a 4.61 percentage point spread separated sector performance. The energy ETF XLE added 3.36%. The semiconductor ETF SMH slipped 1.26%. Small-cap stocks declined 0.51%, and the equal-weight S&P ETF closed unchanged.
The trend is significant. It indicates sector rotation rather than widespread risk appetite. Oil-related equities are driving the market, with growth stocks sensitive to interest rates trailing behind.
Mid-session market overview
| Benchmark | Latest level | Day change | Investor read |
|---|---|---|---|
| S&P 500 | 7,759.27 | +0.02% | Stays close to Friday’s high |
| Dow Jones Industrial Average | 53,974.62 | -0.12% | Blue chips slip slightly |
| Nasdaq Composite | 26,645.08 | -0.17% | Tech stocks weigh |
| Russell 2000 proxy, IWM | $300.02 | -0.51% | Small caps lag |
| Equal-weight S&P proxy, RSP | $220.13 | +0.02% | Broad market little changed |
Reuters index overview; ETF values recorded at 11:49 a.m. ET.
Oil led market moves. Brent crude increased by 3.06% to $86.11 a barrel, while U.S. crude advanced 3.26% to $80.73. The yield on the 10-year Treasury added roughly three basis points, reaching 4.688%.
The barbell strategy may help stabilize the index, but it introduces a delicate equilibrium. While rising crude prices benefit energy sector profits, they may also increase inflation expectations and push bond yields higher.
Market breadth reflected the division. Six out of 11 S&P sectors fell. On the NYSE, declining stocks outnumbered advancers by a ratio of 1.5-to-1, while on the Nasdaq the ratio stood at 1.26-to-1.
Rotation between sectors and styles
| Segment or proxy | Latest price | Day change | Market signal |
|---|---|---|---|
| Energy, XLE | $59.43 | +3.36% | Oil fuels sector gains |
| Health care, XLV | $167.42 | +1.05% | Safe-haven flows |
| Financials, XLF | $57.90 | +0.52% | Rising yields underpin shares |
| Technology, XLK | $187.52 | -0.24% | Sector faces valuation headwinds |
| Semiconductors, SMH | $575.39 | -1.26% | Softer demand for AI chips |
ETF prices as of 11:49 a.m. ET.
Apple NASDAQ:AAPL slipped 2.13% following a downgrade by Jefferies Financial Group NYSE:JEF. Intel NASDAQ:INTC declined 3.66% after unveiling a $15 billion share offering. Nvidia NASDAQ:NVDA retreated 2.16%.
Microsoft NASDAQ:MSFT, Amazon.com NASDAQ:AMZN and Berkshire Hathaway NYSE:BRK.B offered support. Berkshire gained following solid results and new capital allocation by Chief Executive Greg Abel.
Highlighted stock movements
| Company | Price | Day change | Main catalyst |
|---|---|---|---|
| Apple NASDAQ:AAPL | $306.65 | -2.13% | Jefferies cuts rating |
| Intel NASDAQ:INTC | $97.93 | -3.66% | Plans $15 billion stock offering |
| Nvidia NASDAQ:NVDA | $219.12 | -2.16% | Broad chip sector decline |
| Microsoft NASDAQ:MSFT | $509.86 | +1.97% | Gains in major software names |
| Amazon.com NASDAQ:AMZN | $279.14 | +1.70% | Strong cloud and retail results |
| Berkshire Hathaway NYSE:BRK.B | $533.61 | +2.26% | Positive results and investment moves |
Prices as of around 11:49 a.m. ET.
Earnings support continues to hold steady. According to LSEG figures, 85.1% of the 436 S&P firms reported results above expectations. The historical average is 68%. JPMorgan Chase NYSE:JPM increased its S&P year-end target to 8,000.
Analyst picks and price targets
| Asset | Analyst or brokerage | New call | Previous call | Implied return |
|---|---|---|---|---|
| S&P 500 | JPMorgan Chase NYSE:JPM | 8,000 target | 7,800 target | +3.1% from Friday’s close |
| Apple NASDAQ:AAPL | Jefferies Financial Group NYSE:JEF, Edison Lee | Underperform; $263.66 | Hold; $285.56 | -14.0% versus intraday price |
| Sandisk NASDAQ:SNDK | Argus Research, Jim Kelleher | Buy; $1,600 | Hold | +28.6% versus intraday price |
Implied returns are based on current market prices. Forecasts from analysts represent projections and are not assurances.
JPMorgan’s adjustment is based on earnings. The bank’s 2026 earnings forecast climbed 4.3%, while its index projection was raised by 2.6%. JPMorgan maintained its forward valuation estimate at almost 20 times earnings.
Bob Edwards, chief investment officer at Edwards Asset Management, put Wednesday’s test in straightforward terms. “A benign CPI report and no September rate hike would give this market permission to run faster.” Reuters
Preliminary consensus estimate: Analysts expect July CPI to increase by 3.4% compared to a year earlier. Inflation for June stood at 3.5%. The data will be released Wednesday at 8:30 a.m. ET. Rate futures show a 44% probability of a rate hike in September.
CoreWeave NASDAQ:CRWV is set to release results Tuesday after market close. Cisco Systems NASDAQ:CSCO reports on Wednesday, followed by Applied Materials NASDAQ:AMAT on Thursday. Investors will be watching these updates to gauge appetite for AI-related capital spending.
Risks: A renewed oil surge or unexpectedly strong CPI may drive yields higher and weigh on tech stocks. An accord in Hormuz or cooler inflation data could swiftly shift energy outperformance.
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