6 days ago
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Patience is a virtue, but it’s also increasingly a survival skill for anyone watching markets right now. Stock futures held largely flat in early August 2026 as investors sat on their hands, waiting for the July Consumer Price Index report due August 12 at 8:30 a.m. ET, while simultaneously trying to price in a geopolitical conflict that has dragged on for roughly five months.
The S&P 500 dropped 0.2% to 7,709.96 on August 6, the Dow fell 0.9% to 53,885.10, and the Nasdaq slipped 0.1%.
Oil is doing most of the talking
Brent crude jumped 3.8% to $82.49 per barrel, driven by fears that the ongoing U.S.-Iran conflict could disrupt shipping through the Strait of Hormuz. During the most intense phase of that conflict, oil briefly spiked as high as $113 per barrel.
The Strait of Hormuz is the narrow passage between the Persian Gulf and the Gulf of Oman. Roughly a fifth of global oil supply moves through it, so any hint of disruption there tends to move prices fast.
Prices have since pulled back from that peak, but at $82.49, they remain elevated enough to keep inflation stubbornly above 3%.
The Fed is watching, and so is everyone else
The Federal Reserve held its benchmark interest rate steady in the 3.50% to 3.75% range at its most recent meeting. Analysts have flagged the possibility of hikes beginning as early as September 2026 if inflation fails to cool.
The July CPI print on August 12 is therefore carrying more weight than a typical monthly data release. A number that comes in hotter than expected could accelerate the timeline for a rate move.
Earnings are providing limited cover
Corporate earnings reports have been trickling in alongside the macro noise, offering the market occasional pockets of support. But select companies posting meaningful misses have put a ceiling on any broad enthusiasm.
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