S&P 500 and Dow Hover Near Records as Oil Rises and JPMorgan Targets 8,000
The US stock market opened cautiously on Monday, August 10, as the S&P 500 and Dow Jones Industrial Average hovered near record territory. The Dow rose 35.7 points to 54,072.66, while the S&P 500 slipped 0.08% to 7,751.74.
JPMorgan raised its year-end 2026 S&P 500 target to 8,000 from 7,800, citing stronger corporate earnings and growing confidence in artificial intelligence-driven revenue growth. The bank also increased its 2026 S&P 500 earnings-per-share forecast to $365 from $350.
Oil prices rose above $84 a barrel, with Brent crude increasing as traders monitored negotiations surrounding the Strait of Hormuz. Higher energy prices pressured travel companies due to concerns over higher fuel costs.
Investors now await key economic data releases, including July CPI on Wednesday and retail sales on Friday, which could determine whether the S&P 500 and Dow can extend their record-setting run or enter a broader consolidation.