Stocks Retreat as Oil Surge Sparks Inflation Fears; Tech Leads Declines
MarketsFN Team
Stocks Retreat as Oil Surge Sparks Inflation Fears; Tech Leads Declines
U.S. equities closed lower Tuesday as a 5.96% surge in WTI crude to $90.87 revived inflation concerns, while mixed manufacturing data failed to offset fears of persistent price pressures. The Nasdaq 100 led declines with a 1.29% drop as megacap tech stocks underperformed.
🇺🇸 US Session Overview
The S&P 500 fell 0.71% to 7,631.47, dragged down by energy-sensitive sectors after oil prices surged to near 18-month highs. The Dow Jones slipped 0.79% to 52,766.88, with 3M (MMMED) among the laggards after its earnings report. Small caps bore the brunt of the selloff, with the Russell 2000 tumbling 1.23% to 2,920.13.
Tech weakness was broad-based, with NIO (NNIO) sliding post-earnings and AI-related stocks under pressure despite OpenAI's cybersecurity announcement. The Atlanta Fed GDPNow estimate rising to 4.8% for Q3 failed to lift sentiment amid concerns about overheating.
📅 Economic Calendar Highlights
The ISM Manufacturing PMI missed at 54.6 (vs. 55.2 forecast), though prices paid held steady at 71.1, maintaining inflation concerns. JOLTS job openings edged up to 7.271M but remained below pre-pandemic levels, while construction spending unexpectedly fell 0.5%.
Eurozone inflation accelerated to 3.3% YoY in August, with German retail sales plunging 3.4% MoM. The 10-year JGB yield auction hit 2.995%, nearing the Bank of Japan's tolerance threshold as global bond yields climbed.
📋 Earnings Spotlight
Medtronic (MMDT) reported before the bell, while NIO's ADRs fell after its earnings release. Dell surged 10% in after-hours trading after raising its AI server forecast, contrasting with GoPro's 38% rally on its data center pivot.
💱 FX & Commodities
The Dollar Index was mixed, with USD/CHF gaining 0.35% while EUR/USD held steady at 1.1593. Commodities diverged sharply: gold fell 1.24% to $4,376.10 as real yields rose, while silver plunged 2.31%. Energy markets rallied on supply concerns, with Brent crude jumping 5.34% to $95.32.
Crypto mirrored tech stocks' weakness, with Bitcoin down 1.46% at $77,402.01 and AI tokens hitting record lows per today's headlines.
Markets now turn to Wednesday's ADP employment data and Q2 productivity figures, with Asian session traders awaiting China's Caixin PMI. The oil-driven inflation narrative may continue to dominate as WTI tests the $91 resistance level.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,631.47 | ▼ -54.67 | ▼ -0.71% |
| Nasdaq 100 | 29,077.22 | ▼ -379.75 | ▼ -1.29% |
| Dow Jones | 52,766.88 | ▼ -419.02 | ▼ -0.79% |
| Russell 2000 | 2,920.13 | ▼ -36.32 | ▼ -1.23% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1593 | ▲ +0.03% |
| GBP/USD | 1.3512 | ▼ -0.21% |
| USD/JPY | 160.21 | ▲ +0.05% |
| AUD/USD | 0.7145 | ▼ -0.25% |
| USD/CHF | 0.8117 | ▲ +0.35% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,376.10 | ▼ -1.24% |
| Silver (XAG/USD) | 64.69 | ▼ -2.31% |
| Crude Oil (WTI) | 90.87 | ▲ +5.96% |
| Brent Oil | 95.32 | ▲ +5.34% |
| Natural Gas | 2.95 | ▲ +0.44% |
| Bitcoin | 77,402.01 | ▼ -1.46% |
| Ethereum | 2,420.79 | ▼ -1.87% |
📋 Today's Earnings
| Ticker | Company | Timing | Market Cap |
|---|---|---|---|
| AADUR | Aduro Clean Technologies Inc | BMO | 451290000.0 |
| BBMRA | Biomerica Inc | BMO | 6460000.0 |
| HHMR | Heidmar Maritime Holdings Corp | BMO | 73150000.0 |
| MMDT | Medtronic Plc | BMO | 117810000000.0 |
| MMMED | MiniMed Group Inc | BMO | 6310000000.0 |
| NNIO | NIO Inc ADR | BMO | 9440000000.0 |
| RRGS | Regis Corp | BMO | 71940000.0 |
| RRZLV | Rezolve AI Plc | BMO | 953200000.0 |
| SSBSW | Sibanye Stillwater Limited ADR | BMO | 8250000000.0 |
| SSSL | Sasol Ltd ADR | BMO | 7940000000.0 |
| YYEXT | Yext Inc | BMO | 654620000.0 |
| CCRDO | Credo Technology Group Holding Ltd | AMC | 38890000000.0 |
| DDELL | Dell Technologies Inc | AMC | 275520000000.0 |
| GGTLB | Gitlab Inc | AMC | 7620000000.0 |
| MMDB | MongoDB Inc | AMC | 35010000000.0 |
| PPANW | Palo Alto Networks Inc | AMC | 295230000000.0 |
| SSPWH | Sportsman's Warehouse Holdings Inc | AMC | 46820000.0 |
| ZZEPP | Zepp Health Corp ADR | AMC | 38160000.0 |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 09:00 | EUR | CPI (YoY) (Aug) | 🔴🔴🔴 | 3.3% | 3.3% | 2.9% |
| 13:45 | USD | S&P Global Manufacturing PMI (Aug) | 🔴🔴🔴 | 53.9 | 53.2 | 53.9 |
| 14:00 | USD | ISM Manufacturing PMI (Aug) | 🔴🔴🔴 | 54.6 | 55.2 | 55.6 |
| 14:00 | USD | ISM Manufacturing Prices (Aug) | 🔴🔴🔴 | 71.1 | 70.5 | 71.1 |
| 14:00 | USD | JOLTS Job Openings (Jul) | 🔴🔴🔴 | 7.271M | 7.330M | 7.182M |
| 01:30 | AUD | Building Approvals (MoM) (Jul) | 🟡🟡 | -3.6% | -4.7% | 6.9% |
| 01:30 | AUD | Current Account (Q2) | 🟡🟡 | -27.2B | -29.7B | -25.4B |
| 01:45 | CNY | RatingDog Manufacturing PMI (MoM) (Aug) | 🟡🟡 | 51.5 | 51.0 | 50.9 |
| 03:35 | JPY | 10-Year JGB Auction | 🟡🟡 | 2.995% | 2.840% | |
| 06:00 | GBP | Nationwide HPI (MoM) (Aug) | 🟡🟡 | 0.2% | 0.1% | -0.1% |
| 06:00 | GBP | Nationwide HPI (YoY) (Aug) | 🟡🟡 | 1.6% | 2.1% | 1.4% |
| 06:00 | EUR | German Retail Sales (MoM) (Jul) | 🟡🟡 | -3.4% | 0.4% | 0.0% |
| 06:30 | HUF | GDP (YoY) (Q2) | 🟡🟡 | 1.7% | 1.7% | 1.7% |
| 07:15 | EUR | HCOB Spain Manufacturing PMI (Aug) | 🟡🟡 | 49.5 | 50.3 | 50.2 |
| 07:30 | CHF | procure.ch Manufacturing PMI (Aug) | 🟡🟡 | 57.1 | 54.1 | 53.2 |
| 07:45 | EUR | HCOB Italy Manufacturing PMI (Aug) | 🟡🟡 | 49.6 | 51.4 | 51.3 |
| 07:50 | EUR | HCOB France Manufacturing PMI (Aug) | 🟡🟡 | 51.1 | 51.5 | 49.8 |
| 07:55 | EUR | HCOB Germany Manufacturing PMI (Aug) | 🟡🟡 | 54.3 | 54.1 | 52.2 |
| 08:00 | EUR | HCOB Eurozone Manufacturing PMI (Aug) | 🟡🟡 | 52.7 | 52.8 | 51.9 |
| 08:30 | GBP | S&P Global Manufacturing PMI (Aug) | 🟡🟡 | 51.7 | 51.5 | 51.9 |
| 09:00 | EUR | Core CPI (YoY) (Aug) | 🟡🟡 | 2.4% | 2.5% | 2.5% |
| 09:00 | EUR | CPI (MoM) (Aug) | 🟡🟡 | 2.9% | 0.2% | |
| 09:00 | EUR | Unemployment Rate (Jul) | 🟡🟡 | 6.4% | 6.3% | 6.4% |
| 12:00 | BRL | GDP (YoY) (Q2) | 🟡🟡 | 2.0% | 1.8% | 1.8% |
| 12:00 | BRL | GDP (QoQ) (Q2) | 🟡🟡 | 0.5% | 0.4% | 1.1% |
| 14:00 | USD | Construction Spending (MoM) (Jul) | 🟡🟡 | -0.5% | 0.0% | 0.0% |
| 14:00 | USD | ISM Manufacturing Employment (Aug) | 🟡🟡 | 51.2 | 52.5 | 52.8 |
| 15:50 | USD | Atlanta Fed GDPNow (Q3) | 🟡🟡 | 4.8% | 4.6% | 4.6% |
| 06:30 | EUR | German Buba Mauderer Speaks | 🟡🟡 | — | ||
| 13:05 | USD | Fed Vice Chair for Supervision Barr Speaks | 🟡🟡 | — | ||
| 20:30 | USD | API Weekly Crude Oil Stock | 🟡🟡 | — | 4.200M |
Report published: September 01, 2026 — 22:21 CET
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