The S&P 500 hovered near record territory on August 10 as an oil-price rally revived inflation worries ahead of Wednesday's consumer price data. The Nasdaq Composite and Dow Jones Industrial Average also slipped, Intel and Nvidia shares fell on separate company-specific news, and Archer Aviation surged on a Boeing deal.
The S&P 500 fell 0.06% to 7,753, hovering near record territory as an oil-price rally fed fresh inflation worries. The Nasdaq Composite slipped 0.32% to 26,605. The Dow Jones Industrial Average finished 0.11% lower at 53,976, retreating from its own all-time high.
Oil rally revives inflation worries
Energy stocks outpaced every other sector, while technology and real estate shares fell the most. Gold climbed 1.14% to $4,390.85 at the U.S. market close. The 10-year Treasury yield gained 0.06% to 4.71%.
The continued closure of the Strait of Hormuz is weighing on markets, and last week's hopes for an imminent deal are starting to fade. Geopolitical and inflation uncertainty caused last week's rally to stall.
Major indexes slipped slightly as oil prices climbed. Investors also readied for Wednesday's consumer price data.
Intel's offering and Nvidia's AI bet weigh on tech
Intel shares slumped after the company announced a $15 billion stock offering to fund artificial intelligence and manufacturing activities, diluting existing shareholders. Nvidia also fell after unveiling a $500 billion funding package with major asset managers, arguing the signed agreements will create investable AI infrastructure. However, investors are increasingly concerned about the capital-intensive nature of the AI race.
Meta rallies as Archer Aviation surges on Boeing deal
Meta Platforms climbed in intraday trading before finishing up 0.48% as investors digested Mark Zuckerberg's AI manifesto and the debut of its Muse Glimmer model. Archer Aviation soared 12% after agreeing to buy three Boeing subsidiaries, with Boeing set to take a stake in the company. Exxon Mobil rose alongside gains in crude oil prices.
Source: The Motley Fool
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