Oil Jumps 5% and Nvidia Fades as S&P Slips From Record

After Friday's record run, the market spent Monday going almost nowhere, and that was the story. As flagged in this morning's analysis, the twin swing factors were doubts over a Strait of Hormuz deal and a wave of AI names, and both showed up. Crude spiked, Nvidia stumbled, and the indexes drifted right back to the flatline. The S&P 500 closed at 7,753.11, down 0.06 percent, a hair below Friday's record 7,757.64. It was a quiet, choppy session: all three majors popped at the open, topped out before late morning, and slid back to breakeven into the bell as traders held their fire ahead of Wednesday's inflation print. This is the evening scorecard, not an instruction to act on any asset.

The Close: A Whole Lot of Nothing

Breadth told the same wait-and-see tale as the tape. The S&P 500 eased 0.06 percent to 7,753.11, the Dow Jones Industrial Average slipped 0.11 percent to 53,975.98, and the Nasdaq Composite fell 0.32 percent to 26,605.36, the weakest of the trio under the weight of chip names. Under the surface it was a tug of war: Microsoft added about 1.2 percent and Amazon rose roughly 1.3 percent, propping up the megacap complex, while Apple slipped around 1.5 percent and the semiconductors dragged. With no top-tier data on the calendar, this was always likely to be a positioning day, and it traded like one. The record from Friday is still intact, just barely.

Story of the Day: Nvidia's $104 Billion Wobble

The single biggest weight on the tape was Nvidia, which fell roughly 3 percent and shed about 104 billion dollars in market value. The catalyst was a Financial Times report that the chipmaker is working with Apollo Global and Blackstone on a 500 billion dollar AI infrastructure funding package, a structure investors read with some caution given how much debt-fueled buildout it implies. The pullback rippled across the AI complex and pulled the Nasdaq to the back of the pack. It also raises the stakes for this week's earnings: with CoreWeave due Tuesday and Applied Materials Thursday, the market wants confirmation that the AI spending boom is still converting into revenue rather than just balance-sheet expansion. Intel added to the chip gloom after unveiling a roughly 15 billion dollar share issuance. Live levels across these names sit on the ThriveInMarkets homepage.

Oil's 5% Spike on a Stalled Hormuz Deal

If stocks did nothing, crude did the opposite. West Texas Intermediate surged about 5 percent to settle near 82 dollars, with Brent trading above 86 dollars, after progress toward reopening the Strait of Hormuz stalled over the weekend. Reports pointed to Iran raising fresh demands while Houthi forces struck a Red Sea port, reviving the supply-risk premium that had been fading. Energy was comfortably the day's best-performing corner, with the US Oil Fund up nearly 7 percent. The complication is timing: a crude bid this sharp feeds straight into the inflation picture two days before the July CPI, exactly the kind of second-round pressure the Federal Reserve is watching as it weighs a September move. What looked like a quiet Monday for equities was anything but for the barrel.

Crypto Check: Bitcoin Holds Its $65K Perch

Digital assets stayed calm while equities chopped. Bitcoin held above 65,000 dollars, trading near 64,900 and roughly flat on the day, marking a fourth straight session with a handle above that level. Ether firmed about 0.4 percent to near 1,878 dollars, still boxed inside its multi-week range. Crypto largely ignored the equity wobble and the oil spike alike, taking its cue instead from the same rate-cut narrative that has underpinned risk since Friday's soft jobs report. As with stocks, the posture is patient: a cool CPI that cements September easing bets would be the supportive backdrop, while a hot print could pressure the higher-beta corners. For now both majors are holding, not committing.

After-Hours and Overnight Watch

The setup into Tuesday is all about the AI test. CoreWeave reports after the bell Tuesday, the first read of the week on hyperscaler demand, and given Nvidia's stumble the reaction to its guidance and capacity commentary will carry extra weight. Gold, meanwhile, sat quietly near 4,388 dollars, still within sight of record territory and content to wait on the data. Three things to watch overnight and tomorrow: whether crude holds Monday's Hormuz-driven spike or fades on any diplomatic headline, whether the AI complex stabilizes after the Nvidia news, and how positioning firms up into Wednesday's July CPI, still the week's decisive event. The bullish trigger for the S&P remains a reclaim of Friday's record 7,757.64; a sustained break below last week's range would weaken the near-term structure. None of this is a forecast or an instruction to trade; it is the shape of what the market is watching.

ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. US index figures are Monday, August 10, 2026 cash-session closes; crypto, gold and WTI figures are live or latest prints as of 20:45 UTC on August 10, 2026. Levels and scenarios cited are technical reference points, not instructions to buy or sell any asset.