Stock Markets Slip Amid Oil Price Surge
US stock markets fell slightly on August 10 as oil prices rose, fueling concerns about inflation. The S&P 500 slipped 0.06% to 7,753, while the Nasdaq Composite dropped 0.32% to 26,605 and the Dow Jones Industrial Average finished 0.11% lower at 53,976. Energy stocks outperformed other sectors, but technology and real estate shares declined.
Gold prices climbed 1.14% to $4,390.85 by market close, and the 10-Year Treasury yield rose 0.06% to 4.71%. Intel's stock plummeted after announcing a $15 billion dilutive stock offering for AI and manufacturing activities. Meta Platforms shares gained 0.48% as investors digested Mark Zuckerberg's AI manifesto and the debut of its Muse Glimmer model.
Exxon Mobil and Archer Aviation also saw significant gains, with the latter surging 12% after announcing a deal to buy three Boeing subsidiaries and partnering with the aerospace giant. However, Nvidia fell following news that it would partner with key asset managers on a $500 billion funding package for AI infrastructure development.