S&P 500 falls 0.58% to 7,673.52 as a Novartis trial miss cuts health care 2.52%
S&P 500 close: 7,673.52 (-0.58%) Sentiment: bearish
The S&P 500 closed at 7,673.52 on 8 September 2026, down 0.58%, as health care fell 2.52% after Novartis reported that its Lp(a) drug pelacarsen missed in a late stage study. NVS.US lost 13.93% and pulled AMGN.US down 10.08%, because Amgen's olpasiran targets the same lipoprotein. Brent crude added 3.15% to US$99.31 after Houthi strikes halted operations at Saudi energy sites, two days before the August PPI print.
What moved the index
- Health care: XLV -2.52% against roughly 9% index weight, worth about 23 bps of the 58 bps decline. Novartis pelacarsen missed its endpoint, and its del-desiran myotonic dystrophy study showed no significant improvement over placebo. SYK.US fell 8.81% on its own catalyst: management flagged peripheral vascular supply constraints running into Q4.
- Financials: XLF -1.38% against roughly 13% weight, about 18 bps. Rotation out of the sector ahead of PPI on 10 September, CPI on 11 September, and the 15 to 16 September FOMC.
- Cyclicals and defensives: consumer discretionary -0.80%, materials -0.95%, staples -0.66%, communication services -0.46%, industrials -0.48%. Roughly 35% of the index combined, about 22 bps.
- Offsetting: technology +0.32% (about 11 bps), energy +1.11% (4 bps), utilities +0.86% (2 bps), together about 17 bps of lift.
Together those account for about 46 bps of the 58 bps index move. The residual sits across the whole index. The equal weight S&P 500 (RSP) fell 1.04%, 46 bps worse than the cap weighted index, so the average constituent fell further than the headline print.
Session highlights
- INTC.US +9.05% to $104.47 after Northland Securities upgraded it to outperform with a $120 target, alongside a media report that Intel plans a third CPU price rise this year of near 10%.
- IGV -1.83% in a second session of software selling. NOW.US -4.99%, INTU.US -4.14%, CRM.US -3.90%, TEAM.US -6.94%, SHOP.US -7.57%. OpenAI released GPT-6 Astra on 3 September and aimed it at software engineering and professional work.
- SMH +1.19% while software fell. AVGO.US +2.98%, COHR.US +7.10%, LITE.US +11.04%, VIAV.US +11.16% on the indium phosphide substrate shortage feeding AI optics. NVDA.US fell 2.01%.
- Brent +3.15% to US$99.31 and WTI +3.03% to US$94.25 at 17:00 ET after Iran aligned Houthi forces struck Saudi energy facilities and wounded more than 70 people. Gold fell 1.71% to US$4,400/oz.
- Dow -1.18% to 52,786.07 against Nasdaq -0.32% to 26,421.41. AMGN.US closed at $393.17, one of the highest priced Dow members, so its 10.08% fall counted for more in the price weighted average than in the S&P 500.
Sector scorecard
- Best: energy (XLE +1.11%)
- Worst: health care (XLV -2.52%)
- Dispersion (best minus worst): 3.63 pts
- Technology split inside the sector: SMH +1.19% against IGV -1.83%, a 3.02 pt gap.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| ROIV.US | +18.75% | Mosliciguat met Phase 2 endpoints in PH-ILD |
| SFTBY.US | +17.73% | Tokyo rally on GPT-6 Astra, 1 trillion yen retail bond priced at 4.75% |
| SEI.US | +16.29% | Q3 EBITDA guidance lifted to $110 million to $130 million from $90 million to $105 million |
| SMR.US | +15.26% | No company release. Data center power bid across small modular nuclear |
| AXTI.US | +12.85% | Indium phosphide shortage bid, alongside LITE.US and COHR.US |
| DYN.US | -16.35% | Novartis del-desiran failure hit the same myotonic dystrophy target |
| GPCR.US | -14.70% | Aleniglipron and ACCG-2671 obesity data missed expectations |
| NVS.US | -13.93% | Pelacarsen missed on Lp(a), del-desiran showed no improvement in DM1 |
| HWM.US | -10.70% | SpaceX said it will make gas turbine blades in house |
| AMGN.US | -10.08% | Olpasiran sits in the same Lp(a) class as pelacarsen |
Notable announcements
- SEI.US raised Q3 adjusted EBITDA guidance by 23% at the midpoint and Q4 by 48% at the midpoint, and added Omega Foundation Services for data center construction work.
- SYK.US management said peripheral vascular supply constraints run through Q3 and into Q4.
- SFTBY.US priced a 1 trillion yen retail bond at a 4.75% coupon, the top of the indicated range.
- HWM.US closed at $231.53 after opening at $242.81 against a $259.27 prior close, on the SpaceX in house blade plan.
After-hours earnings
TTAN.US fell 19.3% after the bell on its fiscal Q2 result, having already closed the regular session down 7.21%. ServiceTitan guided fiscal 2027 revenue to $1.11 billion to $1.12 billion and Q3 operating income to $29 million to $30 million, and said it expects more than 700 enrolled Max locations by year end.
Next session catalysts (ET)
- Wed 9 Sep, 10:30 : weekly EIA crude inventories, with Brent at a six week high
- Thu 10 Sep, 08:30 : August PPI
- Thu 10 Sep, 08:30 : weekly initial jobless claims
- Fri 11 Sep, 08:30 : August CPI, the last inflation print before the FOMC
- Tue 15 Sep to Wed 16 Sep : FOMC meeting and rate decision
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