US stocks slip as markets await July inflation report

S&P 500 eased 0.32% to 7,728 ahead of Wednesday's inflation print, while oil climbed and On Holding cratered 21.6%

Deepakshi

Kristal Research & Marketing team

12 Aug2 min

Key takeaways — AI summary

The S&P 500 fell 0.32% to 7,728 and the Nasdaq 100 dipped 0.33% to 29,525 in choppy trade, though the small-cap Russell 2000 rose 0.32% as investors waited for Wednesday's July inflation reading, due before US markets open.
Economists broadly expect inflation to tick back up after a soft June print; a hotter number could revive talk of a September Fed rate hike, while a softer one would give the Fed room to be patient after a weak July jobs report, with traders leaning slightly toward a hike.
Oil led the moves, with US crude up $1.07 to $83.20 and Brent touching $90, following reported Houthi attacks near key shipping lanes and stalled US-Iran talks; some analysts warn Brent could push toward $100. Gold firmed to $4,394 and the 10-year Treasury yield eased to 4.68%, near its year high.
Sea Ltd jumped 14% after its Shopee unit guided to $1 billion of full-year profit and advertising revenue grew 70%; CoreWeave rose 10% flagging $25 billion of new commitments; Pure Storage gained 12% on a second cloud-giant customer.
On Holding cratered 21.6% after cutting its full-year outlook, AppLovin fell 6% on a BofA downgrade, and Alphabet slid 3.5% amid worries over AI-team departures and Gemini market share.

Generated by Kristal AI · reviewed by the research desk

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