NEW YORK, August 10, 2026, 12:05 p.m. EDT
- U.S. cash markets were still operating. At 11:51 a.m. EDT, the Dow was down 47.43 points, or 0.09%, at 53,989.50.
- Apple NASDAQ:AAPL and Home Depot NYSE:HD together shaved around 80 points from the Dow, while Microsoft NASDAQ:MSFT and Chevron NYSE:CVX contributed approximately 98 points.
- Brent crude rose 3.06% to $86.11. Inflation for July is expected to be 3.4% ahead of Wednesday’s data release.
The Dow Jones Industrial Average slipped on Monday, pressured by a fall in Apple shares that outweighed advances from Chevron and Microsoft. By 11:51 a.m. EDT, the index was trading 0.09% below its previous close on Friday.
The index showed little change. The calculations for its components remained the same.
The Dow uses a price-weighted system instead of a market-cap weighting. As a result, a $1 shift in a component’s share price adjusts the index by approximately 5.94 points.
Apple and Home Depot together removed close to 80 points. Meanwhile, Microsoft and Chevron added approximately 98 points. Altogether, the four stocks created about 178 points of counteracting influence.
Market overview
| Benchmark | Level | Change | Quote time |
|---|---|---|---|
| Dow Jones Industrial Average | 53,989.50 | down 47.43, or 0.09% | 11:51 a.m. EDT |
| S&P 500 | 7,764.84 | up 7.20, or 0.09% | 11:56 a.m. EDT |
| Nasdaq Composite | 26,603.51 | off 87.10, or 0.33% | 11:37 a.m. EDT |
| Cboe Volatility Index | 15.21 | higher by 0.31, or 2.08% | 11:23 a.m. EDT |
Quotes display with their release times, and can be delayed.
Apple shares slipped roughly 2.1% as Jefferies Financial Group NYSE:JEF downgraded the stock. Analyst Edison Lee moved his rating to Underperform from Hold and reduced the price target to $263.66, down from $285.56.
Home Depot slid 1.9%, creating a comparable downward pull in dollar terms. The home-improvement chain is set to release its quarterly earnings on August 18.
Dow contribution by price weight
| Company | Share-price move | Approximate Dow impact |
|---|---|---|
| Apple | -$6.39 | -38 points |
| Home Depot | -$7.06 | -42 points |
| Microsoft | +$10.11 | +60 points |
| Chevron | +$6.47 | +38 points |
| Combined four-stock change | — | +19 points |
| Total opposing effect | — | 178 points |
Calculations use the reported 5.94-point shift per $1 change in each component. Prices for components were captured at about 11:50 a.m. EDT.
Chevron shares rose alongside the rebound in oil prices. Brent was up 3.06% at $86.11 as uncertainty continued over reopening the Strait of Hormuz. The S&P energy sector gained 2.6% in early trade.
Oil’s climb also heightened inflation concerns. The yield on the 10-year Treasury rose roughly three basis points to 4.688%. A rise in yields often makes long-duration growth stocks less attractive.
Macro analysis
| Market variable | Current level or forecast | Comparison |
|---|---|---|
| Brent crude | $86.11, rising 3.06% | Remains under April’s high above $126 |
| U.S. 10-year yield | 4.688% | Higher by 3.03 basis points |
| July CPI, year over year | 3.4% projected | Stood at 3.5% in June |
| September Fed hike probability | 44% | Lower since Friday’s employment report |
The CPI number represents a consensus forecast rather than an initial government estimate.
“A favourable CPI reading together with the Fed holding off on a September rate increase could allow the market to accelerate,” said Bob Edwards, chief investment officer at Edwards Asset Management. Reuters
Corporate earnings continued to offer support. With almost 90% of S&P 500 companies having reported, adjusted earnings per share climbed 30% compared to the same period last year. JPMorgan Chase NYSE:JPM increased its S&P 500 target for 2026 to 8,000, up from 7,800.
Cisco Systems NASDAQ:CSCO rose 1.8% ahead of its earnings due on August 12. The median analyst price target of $131 stood roughly 6% higher than the current trading price.
Analyst ratings and target disparities
| Company | Consensus | Positive ratings | Hold | Negative ratings | Median target | Implied move |
|---|---|---|---|---|---|---|
| Apple | Overweight | 31 | 12 | 5 | $342 | +11.5% |
| Home Depot | Overweight | 22 | 16 | 0 | $380 | +8.9% |
| Cisco | Overweight | 18 | 10 | 1 | $131 | +6.3% |
| Chevron | Overweight | 21 | 6 | 1 | $220 | +14.0% |
Buy and Overweight are grouped as Positive. Underweight and Sell are grouped as Negative. Calculations for implied moves rely on real-time prices alongside consensus figures.
Analyst consensus stays upbeat on all four stocks. The biggest near-term split is seen with Apple. The median target stands at $342, above the current market level, but Jefferies’ latest rating points to a roughly 14% drop.
Risks: A higher CPI reading or additional disruptions in Hormuz may push both oil prices and yields higher. This scenario would weigh on rate-sensitive stocks, despite Chevron’s ongoing support for the Dow.
Dow investors saw the headline drop underrepresent the day’s actual action. Four stocks exerted a combined 178-point pull, yet the index ended almost unchanged.
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