“Stocks are doing their best to ignore the situation in the Persian Gulf,” said analyst Steve Sosnick of Interactive Brokers.
A general view shows the New York Stock Exchange, Friday, Aug 7, 2026, in New York. (Photo: AP/Yuki Iwamura)
11 Aug 2026 05:20AM
NEW YORK: Stock markets were little changed Monday (Aug 10), holding near record highs amid thin summer volumes, as investors awaited inflation data this week while mostly shrugging off the latest spike in oil prices.Iran issued a litany of conditions to a potential reopening of the Strait of Hormuz. US President Donald Trump responded by saying the United States would seek conflict compensation from Iran.The back-and-forth sent oil prices about five percent higher, weighing on US equities but not prompting major selling. The broad-based S&P 500 finished down 0.1 percent"Stocks are doing their best to ignore the situation in the Persian Gulf, which is frankly what they've been doing for the last few months," said Steve Sosnick of Interactive Brokers. "We've noticed a pattern pretty much since the beginning of April that stocks will rally on anything that sounds like a positive development toward a ceasefire or a lasting peace, but not sell off when the bond market or the oil market express their disappointment with the lack of progress," Sosnick said.In Europe, Paris and Frankfurt closed up marginally, while London slipped at the end of the session. US stocks rose Friday after data surprisingly showed that 23,000 jobs were lost last month, confounding widespread expectations for growth and suggesting that the US Federal Reserve would hold off on raising borrowing costs to contain stubbornly high inflation.The focus turns now to US consumer inflation data due Wednesday, followed by producer prices later in the week. Sosnick described the market as "relatively directionless" as it awaits the inflation data.
