US stocks slip as oil jumps 2.75% and a Fed rate hike stays on the table

The S&P 500 eased 0.18% to 7,710 and the Nasdaq fell 0.39% to 29,373 as crude rose to $77.29 on Middle East tension, while resilient jobs data and a September hike report lifted the 10-year yield to 4.67%.

Deepakshi

Kristal Research & Marketing team

7 Aug2 min

Key takeaways — AI summary

The S&P 500 slipped 0.18% to 7,710 and the Nasdaq fell 0.39% to 29,373 on Thursday, with technology finishing slightly higher; crude oil rose about 2.75% to $77.29 as Houthi–Saudi tension and a draft Strait of Hormuz plan banning US and Israeli ships rebuilt a supply risk premium.
Higher oil and a $25 billion Alphabet bond sale lifted the 10-year Treasury yield about 6 basis points to 4.67%; a report said Fed Chair Warsh could raise rates in September if inflation runs hot — this Fed is debating a hike, not a cut.
Data reinforced resilience: worker productivity rose 1.4% (versus 0.6% expected), labor costs rose less than forecast, jobless claims held near multi-decade lows at 199,000, and July layoffs were the lowest in two years.
Software led the earnings winners: Atlassian jumped 32% on a ~7% revenue beat and 28.5% cloud guidance, Cloudflare rose 17% on 36% revenue growth, Twilio +16%, Unity +15%, Microchip +14% and Akamai +13% on a $600m+ contract; Airbnb rose 12% after the close.
Losers included LegalZoom −29% on a JPMorgan downgrade citing AI-eroded search traffic, AppLovin −20%, Datadog −19% on cautious guidance, Papa John's −17% after ending its sale process and suspending its dividend, and Nebius −13% amid a Michael Burry short bet.

Generated by Kristal AI · reviewed by the research desk

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