Wall Street slides for second day as technology shares retreat and Middle East risks lift oil - Dimsum Daily
12th August 2026 – (New York) US equities extended losses on Tuesday, with the S&P 500 down 0. 32 per cent to 7,728. 20, the Nasdaq Composite off 0. 60 per cent at 26,445. 45 and the Dow Jones Industrial Average lower by 0. 34 per cent at 53,791. 85, as a sell‑off in heavyweight technology and communication services names outweighed […]
12th August 2026 – (New York) US equities extended losses on Tuesday, with the S&P 500 down 0. 32 per cent to 7,728. 20, the Nasdaq Composite off 0. 60 per cent at 26,445. 45 and the Dow Jones Industrial Average lower by 0. 34 per cent at 53,791. 85, as a sell‑off in heavyweight technology and communication services names outweighed gains elsewhere and geopolitical jitters supported oil prices. Communication services led declines after Alphabet slipped 3. 8 per cent and AppLovin nearly 6 per cent, while information technology also weakened: Nvidia surrendered early gains to finish near the flat line despite unveiling a partnership with six large asset managers to mobilise more than $500 billion for artificial‑intelligence infrastructure, and Apple fell by more than 1 per cent. Crude benchmarks advanced amid ongoing tensions around the Strait of Hormuz, with US West Texas Intermediate settling up 1. 3 per cent at $83. 20 a barrel and Brent rising 1. 4 per cent to $88. 91, after Iranian officials signalled the waterway would not reopen absent specific conditions. While comments from Pakistan’s Defence Minister Khawaja Asif were interpreted by some investors as a tentative sign towards a wider accommodation, market focus remained on the inflation trajectory ahead of Wednesday’s consumer price index and Thursday’s producer price index. The prints arrive after a softer US jobs report complicated the Federal Reserve’s policy path, with some strategists arguing that moderating inflation alongside slowing hiring strengthens the case for holding rates steady; others warned that sticky services inflation could yet delay any policy easing. Earnings news added to stock‑specific moves. Swiss sportswear group On Holding sank after quarterly revenue missed expectations and full‑year guidance was trimmed to growth in the low‑20 per cent range from at least 23 per cent previously, even as adjusted earnings per share of CHF 0. 35 edged past forecasts. Small‑capitalisation shares bucked the wider decline, with the Russell 2000 up about 0. 4 per cent by late afternoon, leaving the index modestly positive for the quarter as investors rotated into domestically focused names sensitive to an eventual easing cycle.