The stock market edged lower on August 10, 2026, as oil prices surged on uncertainty over U.S.-Iran negotiations, with technology shares bearing the brunt of the decline. The S&P 500 slipped 0.06% to close at 7,753.11, while the Nasdaq Composite fell 0.32% to 26,605.36, according to CNBC.
Oil prices climbed sharply amid doubts that the U.S. and Iran would reach a lasting agreement to reopen the Strait of Hormuz. West Texas Intermediate crude futures settled up 5.1% at $82.13 per barrel, while Brent crude rose 5% to $87.72, as traders assessed mixed signals from both nations about the status of negotiations.
Technology stocks led the market’s decline. Intel fell 4% after announcing a $15 billion common stock offering, Nvidia dropped 2.9%, and Apple declined 1.5%, according to CNBC. The weakness in chip stocks reflected broader concerns about the sector’s valuation and growth prospects.
The market’s move came after the three major indexes posted their best weeks since April, with the S&P 500 finishing Friday at an all-time closing record. That momentum stalled as oil’s jump raised fresh concerns about inflation and energy costs, offsetting optimism from last week’s weaker-than-expected jobs report, which had signaled the Federal Reserve might hold off on interest rate hikes.
Iranian Foreign Minister Abbas Araghchi said Tehran was not currently in direct talks with the U.S. to end the war and open the Strait of Hormuz, contradicting earlier signals from Treasury Secretary Scott Bessent that a deal was imminent, according to CNBC. President Donald Trump told Axios on Sunday that the U.S. was “only semi-negotiating” with Iran and wanted the country to feel economic pressure.
Zachary Hill, head of portfolio management at Horizon Investments, noted that while uncertainty persisted, each flare-up in Middle East tensions had been smaller in magnitude than prior escalations, which was helping to temper market reaction. “Each time we see some flare-up in Middle East tensions, it’s of a smaller magnitude than what we saw prior,” Hill said to CNBC, adding that “such strong fundamentals in the earnings season” were also supporting stocks.
Sources
- CNBC — S&P 500 and Nasdaq closing prices, oil price movements, individual stock declines (Intel, Nvidia, Apple), Iran-U.S. negotiations updates, and analyst commentary from Horizon Investments
