Stock Market Today, Sept. 8: Stocks Slide Amid Surging Oil Prices, Persistent Geopolotical Tenisons
The Dow Jones Industrial Average (DJINDICES:^DJI) fell 1.18% to 52,786, the S&P 500 (SNPINDEX:^GSPC) lost 0.58% to 7,674, and the Nasdaq Composite (NASDAQINDEX:^IXIC) dropped 0.31% to 26,424 as rising crude oil prices and trade tensions weighed on sentiment.
Today's biggest moves
Intel (NASDAQ:INTC) shares climbed as the company plans to raise processor prices by up to 10% to improve its margins.
Corning (NYSE:GLW) rose 7% today after agreeing to supply 80 million miles of high-density optical fiber to Verizon (NYSE:VZ) as the latter builds its "network of the future."
Conversely, Amgen (NASDAQ:AMGN) shares slid 10% alongside Novartis (NYSE:NVS) after NVS stock reported a Phase 3 trial setback for its pelacarsen injectable, which was supposed to help with heart disease. Amgen has a similar treatment, olpasiran, and analysts are worried this indicates it may meet a similar fate as Novartis' drug.
What this means for investors
Markets continued to take a breather today as trade tensions, Middle East conflicts, and surging oil prices persisted -- but this is nothing new, especially for 2026.
There were plenty of individual stock-specific news items, however, such as the ones mentioned above and Qualcomm (NASDAQ:QCOM) signing a major AI chip deal with Amazon (NASDAQ:AMZN). The deal helps Qualcomm continue diversifying beyond smartphones and gives Amazon the option to buy up to $60 billion in AI data center chips.
Lastly, as of 5 p.m. ET, Midwestern pizza chain and c-store chain Casey's General Store (NASDAQ:CASY) is down 10% after reporting analyst-beating earnings but offering conservative guidance.
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Josh Kohn-Lindquist has positions in Casey's General Stores and Qualcomm. The Motley Fool has positions in and recommends Amazon, Amgen, Casey's General Stores, Corning, Intel, and Qualcomm. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
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