SPX Market News
The market-moving developments shaping today’s S&P 500 session.
Pre-market briefingAugust 10, 2026
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Updates at 6:25 AM, 12:40 PM, and 1:10 PM PT on market days.
Futures Mixed as Weak Jobs Data Spurs Rate Optimism While Hormuz Tensions Cap Gains
U.S. stock futures were mixed on Monday, with the S&P 500 and Nasdaq 100 slightly higher while the Dow slipped. Investors are weighing last week's weak jobs report, which reduced odds of a September rate hike, against ongoing geopolitical risks in the Middle East.
The S&P 500 is highly sensitive to shifts in rate expectations, as lower rates support high-valuation growth stocks, but energy price spikes from geopolitical tensions can compress margins and dampen consumer spending.
Futures are mixed as weak jobs data fuels rate-cut hopes while geopolitical tensions in the Strait of Hormuz and elevated energy prices keep investors cautious ahead of key inflation data.
Today’s SPX drivers
Ranked by potential market impact- 01MACRO DATAJuly Jobs Report Shows Unexpected Decline, Fuels Rate-Cut BetsNonfarm payrolls fell by twenty-three thousand in July, marking the first decline in recent memory, while the unemployment rate ticked down to four point one percent. The labor force shrank and average hourly earnings growth slowed, suggesting cooling in the labor market.HIGHBenzingaU.S. Bureau of Labor Statistics
- 02GEOPOLITICSIran Standoff Over Strait of Hormuz Keeps Oil Markets on EdgeIran reiterated that the Strait of Hormuz will not reopen without U.S. concessions, despite a deal with Oman nearing final stages. President Trump noted the U.S. is only semi-negotiating, keeping energy prices elevated and adding to supply concerns.HIGHBenzingaBenzinga
- 03EARNINGSS&P 500 Earnings Growth Hits Fifty Percent But Concentration in Mega-Caps Raises ConcernsBlended earnings growth for the second quarter reached fifty point four percent, the strongest since 2021. However, Alphabet and Amazon account for over seventy percent of the increase, and excluding them, growth would fall to thirty-two percent, highlighting heavy reliance on a few mega-caps.MEDIUMBenzingaBenzinga
- 04SECTORSTaiwan Semiconductor Posts Strong July Revenue Driven by AI Chip DemandTaiwan Semiconductor reported July revenue up nearly forty-five percent year-over-year, with year-to-date sales up thirty-seven percent, indicating sustained strong demand for AI chips. The company has raised its capital expenditure and sales outlook for the year.MEDIUMBenzinga
- 05MARKET STRUCTUREInvestors Rotate Into Broad Equity and Gold ETFs, Trim SemiconductorsA single day saw over fifteen billion dollars in net ETF inflows, with large gains in S&P 500 and gold funds, while semiconductor ETFs saw significant outflows. This suggests investors are seeking broad exposure and safe-haven assets.MEDIUMBenzinga
- 06MACRO DATAKey Inflation Data in Focus This Week as Energy Prices Raise ConcernsInvestors are looking ahead to July inflation data and updates on consumer spending and sentiment, which will offer insight into whether consumer resilience can withstand geopolitical pressures and elevated energy prices.MEDIUMBenzinga
- 07MEGA-CAPMeta Unveils Ambitious AI Vision with Massive Capital Expenditure PlansMeta CEO Mark Zuckerberg outlined a vision to make AI broadly accessible, with plans to spend up to one hundred forty-five billion dollars on capital expenditures in 2026, including data centers. The company also released a smaller AI model for personal computers.MEDIUMBenzinga
Macro, Fed & rates
July Jobs Report Shows Unexpected Decline, Fuels Rate-Cut Bets
SPYNonfarm payrolls fell by twenty-three thousand in July, marking the first decline in recent memory, while the unemployment rate ticked down to four point one percent. The labor force shrank and average hourly earnings growth slowed, suggesting cooling in the labor market.
The weaker labor market reduces the likelihood of a Federal Reserve rate hike, which supports equity valuations, particularly for rate-sensitive growth and technology stocks in the S&P 500.
Key Inflation Data in Focus This Week as Energy Prices Raise Concerns
SPYInvestors are looking ahead to July inflation data and updates on consumer spending and sentiment, which will offer insight into whether consumer resilience can withstand geopolitical pressures and elevated energy prices.
SourcesBenzinga
Inflation data will influence Federal Reserve policy expectations. Higher-than-expected inflation could reduce the case for rate cuts, pressuring growth stocks and the broader S&P 500.
Mega-cap, sectors & global risk
Iran Standoff Over Strait of Hormuz Keeps Oil Markets on Edge
XOM · CVX · COPIran reiterated that the Strait of Hormuz will not reopen without U.S. concessions, despite a deal with Oman nearing final stages. President Trump noted the U.S. is only semi-negotiating, keeping energy prices elevated and adding to supply concerns.
The S&P 500 faces dual risks from higher oil prices: increased costs for energy-dependent sectors and potential drag on consumer spending, which could pressure corporate earnings broadly.
S&P 500 Earnings Growth Hits Fifty Percent But Concentration in Mega-Caps Raises Concerns
GOOGL · AMZN · MSFTBlended earnings growth for the second quarter reached fifty point four percent, the strongest since 2021. However, Alphabet and Amazon account for over seventy percent of the increase, and excluding them, growth would fall to thirty-two percent, highlighting heavy reliance on a few mega-caps.
The S&P 500's earnings growth is increasingly dependent on a small number of mega-cap stocks, making the index vulnerable to any setback in AI-related spending or sentiment shifts in those names.
Taiwan Semiconductor Posts Strong July Revenue Driven by AI Chip Demand
TSM · NVDA · AMDTaiwan Semiconductor reported July revenue up nearly forty-five percent year-over-year, with year-to-date sales up thirty-seven percent, indicating sustained strong demand for AI chips. The company has raised its capital expenditure and sales outlook for the year.
SourcesBenzinga
Taiwan Semiconductor's results are a bellwether for the semiconductor sector, which carries significant weight in the S&P 500. Strong chip demand supports tech and AI-related stocks across the index.
Investors Rotate Into Broad Equity and Gold ETFs, Trim Semiconductors
SPY · GLD · SOXXA single day saw over fifteen billion dollars in net ETF inflows, with large gains in S&P 500 and gold funds, while semiconductor ETFs saw significant outflows. This suggests investors are seeking broad exposure and safe-haven assets.
SourcesBenzinga
Broad equity ETF inflows typically support the S&P 500, but notable outflows from semiconductor ETFs could signal profit-taking in a key sector, adding to mixed sentiment.
Meta Unveils Ambitious AI Vision with Massive Capital Expenditure Plans
METAMeta CEO Mark Zuckerberg outlined a vision to make AI broadly accessible, with plans to spend up to one hundred forty-five billion dollars on capital expenditures in 2026, including data centers. The company also released a smaller AI model for personal computers.
SourcesBenzinga
Meta is one of the largest S&P 500 constituents, and its significant AI investment signals continued growth in the AI infrastructure space. However, such high spending also raises execution risks and could pressure margins.
Next catalysts
| Date | Time (ET) | Event | Consensus | Impact |
|---|---|---|---|---|
| 2026-08-12 | 08:30 ET | CPI (Inflation) | 0.2% | HighPrevious 0.0% |
| 2026-08-13 | 08:30 ET | PPI (Producer Prices) | 0.3% | HighPrevious 0.2% |
| 2026-08-13 | 08:30 ET | Unemployment Claims | 202K | MediumPrevious 199K |
| 2026-08-14 | 08:30 ET | Retail Sales | 0.2% | MediumPrevious -0.2% |
| 2026-08-14 | 10:00 ET | Prelim UoM Consumer Sentiment | 54.4 | MediumPrevious 54.4 |
| 2026-08-14 | 10:00 ET | Prelim UoM Inflation Expectations | — | MediumPrevious 4.2% |
Source & methodology
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