Stock Market Today, Aug. 11: Markets Slip as Oil Prices Rise, Upwork Tumbles on Mixed Earnings
The Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.60% to 26,445, the S&P 500 (SNPINDEX:^GSPC) slipped 0.32% to 7,728, and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 0.34% to 53,792 as elevated oil prices again weighed on stocks.
Gold prices rose 0.18% to $4,368.79 as of U.S. market close, and the 10-Year Treasury yield fell 0.02% to 4.70%. Energy and healthcare stocks led the sector gainers; real estate and technology stocks finished in the red.
Today's biggest moves
Nvidia shares gained in early trading before finishing down 0.02% as investors weighed its $500 billion financing initiative for artificial intelligence (AI) infrastructure. Entravision Communications Corp shares plummeted more than 20%, and Upwork tumbled 15%, after both firms issued disappointing earnings. Fermi soared following an announcement that TensorWave would lease its Project Matador facility — its first such deal for the AI and data center campus.
What this means for investors
Geopolitical tensions again drove markets today as mixed messages about an agreement to reopen the Strait of Hormuz weighed on stocks. WTI crude oil edged up slightly to $83.39 a barrel, and a report from the U.S. Energy Information Administration predicted that supply disruptions would not return to normal before 2027.
Key Consumer Price Index data is due tomorrow, and Wall Street was in wait-and-see mode. If inflation seems to be slowing, major indexes may rally further. On the other hand, if inflation comes in higher than expected, it may reduce risk appetite, as the Federal Reserve is more likely to raise rates.
The ongoing uncertainty in the Middle East is closely connected to oil prices, which impact inflation. As such, until the U.S. and Iran reach a firm agreement, investors can expect further volatility.
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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends Upwork. The Motley Fool has a disclosure policy.
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