Wall Street Slips as Nasdaq Loses 0.35% and US-Iran Detente Hopes Fade
Updated
Updated · Detroit News · Aug 11
Wall Street Slips as Nasdaq Loses 0.35% and US-Iran Detente Hopes Fade
3 articles · Updated · Detroit News · Aug 11
Summary
By midday Tuesday, the Dow and S&P 500 were each down 0.11% and the Nasdaq fell 0.35%, with Alphabet’s 3% drop helping drag communication services and the tech-heavy index lower.
Brent crude held near one-week highs as reports of possible U.S.-Iran and Iran-Oman arrangements failed to calm investors, keeping energy inflation worries alive even as markets weighed prospects for Middle East stability.
Energy stocks rose 1.1%, while Apollo and Blackstone jumped 4% to 6% after signing a compute-financing agreement with Nvidia aimed at mobilizing more than $500 billion; Nvidia itself edged up 0.4%.
The pullback came with the S&P 500 and Dow still near record highs, and traders largely expected directionless trading before U.S. CPI and PPI data that could sway a nearly even split on a September Fed hike or pause.