S&P 500 Closes Flat as a 5% Oil Surge Offsets an Optics Selloff
S&P 500 close: 7,753.11 (-0.06%) Breadth: 5 of 11 sectors higher, 6 lower Sentiment: mixed
The S&P 500 closed at 7,753.11 on 10 August 2026, down 4.53 points or 0.06%, as a 5.27% jump in WTI crude to $82.30 lifted energy 4.66% and cancelled a 0.88% decline in technology. SION.US fell 91.18% to $4.50 after its cystic fibrosis candidate missed its primary endpoint, and VRTX.US rose 5.61% on the same data because the failure removed a competing therapy. The US 10-year yield rose to 4.70% as the crude move fed inflation pricing two days ahead of the July CPI print.
What moved the index
- Technology: XLK -0.88% across roughly 34% of index weight, worth about -30 bps of the -6 bps move. Optical and semiconductor names sold off ahead of this week's reports, SMH -2.28% and NVDA.US -2.86%.
- Health care: XLV +1.67% across roughly 9% of weight, worth about +15 bps, led by VRTX.US +5.61% after a competing cystic fibrosis candidate failed in mid-stage testing.
- Energy: XLE +4.66% across roughly 3% of weight, worth about +14 bps. WTI +5.27% to $82.30 after Iran raised its conditions for reopening the Strait of Hormuz and a drone strike hit a Saudi refinery.
- Rate-sensitive sectors: XLU -1.10% and XLRE -1.29% across roughly 4.5% of weight, worth about -5 bps, as the US 10-year yield rose to 4.70%.
Together these four account for about -6 bps against the index's -6 bps move. The remaining seven sectors offset each other, with financials +0.36% and communication services +0.52% against consumer discretionary -0.16% and industrials -0.31%.
Session highlights
- WTI +5.27% to $82.30 and Brent +5.15% to $87.85 produced the day's largest sector move. Iran raised its conditions for reopening the Strait of Hormuz to include lifting the naval blockade and sanctions relief, and a drone strike hit a Saudi Aramco refinery.
- FANG.US +5.81%, DVN.US +5.54% and HAL.US +5.49% outpaced the integrated majors XOM.US +4.41% and CVX.US +4.48%, putting drillers and oilfield services ahead of the large producers.
- COHR.US -14.24% and LITE.US -8.61% led an optical selloff that also took AXTI.US -16.67%, SIMO.US -9.96%, LASR.US -9.17% and CIEN.US -5.99%. Both have more than doubled in 2026 and report fiscal Q4 within three sessions.
- NVDA.US -2.86% and AVGO.US -1.25% pulled SMH -2.28%, while AAPL.US -1.53% and INTC.US -4.06% weighed on the Dow, which closed at 53,975.98 (-0.11%).
- VIX +3.76% to 15.46 against an index that moved 4.53 points, with July CPI two days out.
Sector scorecard
- Best: Energy (+4.66%)
- Worst: Real Estate (-1.29%)
- Dispersion (best minus worst): 5.95 pts
- Technology split widest internally. DDOG.US +11.48% and RBRK.US +8.70% against COHR.US -14.24% and AXTI.US -16.67%.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| ABCL.US | +34.78% | ABCL635 met Phase 2 endpoints in menopause hot flashes |
| NESR.US | +23.33% | Q2 results released 10 August |
| FSLY.US | +20.86% | Delayed reaction to 5 August Q2 beat, EPS $0.15 vs $0.07 |
| BSP.US | +15.70% | Unannounced. Q2 results due 13 August |
| CLMT.US | +15.17% | Q2 revenue $1.45 billion vs $1.12 billion consensus |
| SION.US | -91.18% | SION-719 missed its sweat chloride endpoint at p=0.7 |
| BTDR.US | -20.08% | Q2 net loss widened to $92.3 million from $62.9 million |
| AXTI.US | -16.67% | Photonics selling ahead of sector reports |
| COHR.US | -14.24% | Positioning before its 12 August fiscal Q4 report |
| KEEL.US | -12.37% | Miner selling after BTDR results, bitcoin -1.68% |
Notable announcements
- SION.US stopped development of SION-719 as an add-on to standard of care after a placebo-adjusted sweat chloride change of -1.0 mmol/L in a 15-patient crossover study, leaving the company valued below the $268 million of cash it held at 30 June.
- ABCL.US reported that a single dose of ABCL635 cut hot flash frequency and severity at four weeks with no serious adverse events, alongside a Vertex collaboration carrying $28 million upfront.
- DDOG.US +11.48% on Q2 revenue of $1.12 billion, up 36% year on year, with free cash flow near $279 million and 750 AI-native customers.
- BTDR.US mined 2,694 bitcoin in Q2 against 565 a year earlier, lifting quarter-end self-mining hash rate to 73.0 EH/s from 16.5 EH/s.
After-hours earnings
No large-cap US company reported after Monday's close. LITE.US reports fiscal Q4 on Tuesday after the bell, entering the print up 94% in 2026 off a record $808 million revenue quarter, and CRWV.US follows the same session with consensus EPS of -$1.45 against a $99 billion backlog. COHR.US reports Wednesday after the bell on a trailing P/E of 160x. Those three dates account for the optical names falling 6% to 17% on a session where the index finished within 5 points of Friday's close.
Next session catalysts (ET)
- Tue 11 Aug, after close: SMCI.US fiscal Q4
- Wed 12 Aug 08:30: July CPI, consensus +0.1% month on month and 3.4% year on year, core 2.5% year on year
- Thu 13 Aug, before open: BSP.US Q2
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