US Stocks Mixed as Middle East Deal Hopes Ease Oil Rally
US stocks were mixed on August 11 as hopes for a Middle East deal and a pullback in international oil gains influenced trading. The S&P 500 was up 0.1%, while the Dow Jones Industrial Average rose 0.1%. In contrast, Nvidia's announcement of a $500 billion funding project with major Wall Street asset managers and securities firms did not have a significant impact on the market.
Nvidia shares gained 2% after the company announced its massive funding project, which will allow chip buyers to finance purchases using graphics processing units as collateral. SK Hynix ADRs also rose 2.9%, while Intel fell for a second straight day after reports that the company would raise the size of its planned capital increase to $20 billion from $15 billion.
The Middle East conflict had a significant impact on oil prices, which gave up part of their earlier surge after Pakistan said the US and Iran were nearing an agreement. West Texas Intermediate futures traded at $81 a barrel, while Brent crude climbed as high as $90 before trading at $87 a barrel.