Y'all Street Daily
Futures were flat as the standoff clouded hopes for a Hormuz deal, with Wednesday's CPI now the week's real test.
Market Snapshot
Futures sat still overnight as the US-Iran standoff dug in and traders braced for Wednesday's inflation print.
Monday's session closed slightly lower across the board, with the Dow, S&P 500 and Nasdaq all finishing in the red.
Oil did the heavy lifting again, pushing past 80 and dragging Treasury yields higher on fresh inflation worry.
Chevron led on the oil bid, Nvidia slid nearly 3% as scrutiny of AI spending picked up, and CoreWeave held roughly flat ahead of its earnings after the bell tonight.
Main Story
The standoff between Washington and Tehran hardened over the weekend, and oil is the market's chosen way to price the risk.
President Trump rebuffed Iran's demand for war reparations and said he would let economic pressure build, while Tehran ruled out restarting talks, pushing WTI up 2.86% to around 80.42.
The consensus read is that a stalled deal keeps the Hormuz risk premium locked into crude and, by extension, into the inflation outlook.
The quieter risk is that higher oil feeds straight into Wednesday's CPI, hardening the case some Fed officials are already making for another rate hike.
Chart of the Day
WTI closed around 80.42 on Monday, its first tag of the 80 line since the summer pullback.
The climb has been a steady grind rather than a spike, which reads more like a supply-risk premium than a panic bid.
That round 80 level is the one to watch, since a clean hold would turn former resistance into a floor.
Technical Trading
A few levels worth marking before the open:
WTI is pressing the 80 mark with the 200-day near 79.50, while support sits at 77 and then the psychological 75.
The S&P 500 has nearest resistance at 7,780 and the round 7,800, with support at 7,700 to 7,690 and an RSI around 64.
Gold is holding just under its record, changing hands around 4,436 after tagging an all-time high near 4,435 earlier in the session.
Global News
Iran's foreign minister said there is no path back to negotiations until Washington compensates Tehran for breaching June's memorandum, keeping the Hormuz standoff frozen.
Oil extended its rally on the stalemate, lifting Treasury yields and reviving worry that the Fed may need to tighten again.
Cleveland Fed president Beth Hammack said it may take more than one rate hike to bring inflation down, a hawkish note heading into the CPI print.
Fresh fundraising by Intel, Nvidia and others is drawing new scrutiny to the scale of the AI infrastructure build-out.
CoreWeave and Super Micro report after the close, the first real read on AI hardware demand this week.
Texas News
The Dallas Fed's latest energy survey showed Texas oil and gas activity jumping to its strongest reading since 2022, with the business activity index climbing to 46.1.
Producers are leaning into the firmer crude tape even as the survey flagged building cost pressures.
Looking Ahead
Tuesday, August 11: CoreWeave and Super Micro report after the close, the first real read on AI hardware demand this week.
Wednesday, August 12: US CPI is the week's centerpiece and the clearest test of whether higher oil is bleeding into inflation.
Thursday, August 13: Weekly jobless claims give another labor-market check after the soft July payrolls print.
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Prices from Yahoo Finance, CNBC and Fortune. Technical levels from Investing.com and Barchart. News from Yahoo Finance, CNBC and Reuters.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.