Market Review: August 10, 2026

Closing Recap

Monday, August 10, 2026

After U.S. markets closed at record highs last Friday for the S&P 500, posting its best week since April, it wasn’t totally unexpected to see markets chop all day on Monday as Wall Street awaits key inflation data midweek. A rise in oil prices weighed on market sentiment today as the situation with Iran continues. Over the weekend, Iran insisted that the U.S. must meet several demands before the Strait of Hormuz can reopen as the saga continues. In the end the rally in oil pushed Treasury yields higher and renewed the inflation fears heading into key CPI and PPI data. Technology, Utilities, REITs were the biggest decliners while Energy soared over 4.6% along with gains in Materials and Financials. JPMorgan raised its S&P 500 year-end target to 8,000 from 7,800, implying roughly 3% upside from Friday’s close. Strategists cited strong earnings and growing evidence that massive Ai investment is translating into customer demand. Stronger Cloud growth and expanding backlogs at major tech companies are helping validate rising Ai spending, which JPM expects to represent more than half of the SPX $1.5 trillion in CAPEX this year.

• Gold prices rebounded after early weakness, with December gold rising $20.00 or 0.45% to settle at $4,419.70 an ounce while silver prices gained $1.77 or 2.79% to settle at $65.27 per barrel. Prices slipped early amid a firmer dollar and a bounce in Treasury yields. Note gold prices are coming off their best week in 7 months and trade to 9 week highs..
• U.S. Treasuries pulled back while yields rebounded off Friday lows, in line with weakness across European bond markets, as investors braced for key inflation readings this week that could point to persistent price pressures, while keeping a close eye on continued geopolitical Middle East tension as oil prices rose. The move reversed part of Friday’s rally, which followed weaker-than-expected U.S. nonfarm payrolls data, which lowered expectations of a near-term rate hike. The benchmark 10-year yield +4.6 bps to 4.704%, the 30-year bond yields rose 4 bps to 5.250%.

• Homebuilders giving back gains from late last week; the group bounced on lower rate hike expectations after the weaker jobs data, but Treasury yields have slowly climbed higher since as 10-yr back at 4.69% (after hitting lows around 4.61% Friday morning post jobs data); shares of DHI, KBH, MTH were weak.

• Hospitality & Lodging: RHP agreed to acquire the Grande Lakes Orlando Resort in Florida for $1.38 billion from Trinity Investments, in a deal that broadens the lodging REIT’s presence in the high-end leisure and group travel market. TH reported Q2 revenue of $86M, beating analysts’ estimates of $79.3M, raised its FY26 revenue forecast to $410M-$420M from prior $370M-$380M and announces over $1.4 billion in multi-year contract awards representing over 9,000 beds in its Workforce Hospitality Solutions segment.

• Industrials and Machinery: Morgan Stanley upgraded LECO to Equal Weight from Underweight while downgraded KMT to Underweight saying CYQ226 results provided two notable surprises within short-cycle coverage – LECO guided to softer price/cost for 2026 full year than anticipated while KMT reported another blow out quarter and guided to stronger than expected pricing benefit over the coming four quarters (FY27, ending June 2027). KMT faces the conundrum of benefitting from cyclical recovery and Self-help while staring down peak earnings per share in CYQ326 (FYQ127 due to June ending fiscal year).
• Aerospace & Defense: ACHR to acquire BA’s electric aircraft unit Wisk Aero, along with two related subsidiaries SkyGrid and Insitu in an aerospace AI deal; Boeing will take an equity stake in Archer and retain access to Wisk’s autonomous flight technology. Lyntris is targeting a valuation of up to $2.53B in its U.S. initial public offering, the company said on Monday. SPCX shares reclaimed its $135 IPO price after hitting lows of $104.83 last Monday (8/3); EMBJ reported a Q2 net profit of 1.11B reais ($218.3M), up 25% y/y; revenue at the company rose 10% y/y to 11.34B reais, a record for the April-June period, while EBITDA increased 30% to 1.81B reais. RTX won a $745 million contract from the Defense Department’s Missile Defense Agency.
• E&C Sector: BWMN shares jumped after Infrastructure and services-focused private equity firm Bernhard Capital Partners said it would buy Bowman Consulting in an all-cash deal valued at about $1B, including debt. Shareholders will receive $43 in cash for each share of Bowman common stock they own, representing a premium of about 58% to the stock’s close on Friday, August 7.

• Lending sector: CCB vice chairman Steven Hovde, CEO Eric Sprink, and executive chairman Christopher Adams bought over $1 million worth of CCB shares last week, according to regulatory filings late Friday. Steven Hovde, CCB’s top shareholder, led the way and bought $658,300 worth of shares

• MLTX shares weaker after announces topline results from the phase 3 IZAR-1 Trial of Sonelokimab in Psoriatic Arthritis and reports 2Q financial results.
• ONC and RVMD announce clinical development and regional commercialization collaboration; ONC receives exclusive rights to four revolution medicines assets in select Asian markets and to fund and conduct global phase 3 study for RAS(on) inhibitor; RVMD eligible for milestone payments and tiered royalties in partnered region
• SION shares plunge after saying its experimental cystic fibrosis drug SION-719 failed to improve sweat chloride levels, a key measure of CFTR protein function, in a mid-stage study; said they will not advance as an add-on treatment to VRTX’s standard therapy Trikafta after missing the study’s main activity goal (shares of VRTX rallied as investors have been concerned Sionna can pose threat to its CF business).
• SLN shares jumped after the company announced topline results from the Phase 2 SANRECO trial met its primary and secondary endpoints.
• TENX shares tumbled after saying TNX-103 did not meet statistical significance on the primary endpoint of improvement in 6-minute walk distance versus placebo.
• MedTech sector: VERX shares jumped after TDY agreed to acquire the X-Ray imaging component company for $18.90 per share in an all-cash transaction valued at approximately $1.1B. The transaction is expected to close in early 2027 and would broaden Teledyne’s healthcare portfolio.

• Rare Earth/Critical Mineral sector: CMP was downgraded to Underweight from Neutral with $27 PT at JP Morgan as expects Compass to throw off about 3% of its share price in free cash flow in 2026-2028 as its capital outlays for the maintenance and productivity of its salt operations rise. Other critical-mineral stocks were volatile after the White House announced late Friday more than $2B in new mining and mining-related investments, along with more than $180M for mining schools and workforce development (shares of FEAM, CRML, UAMY, USAR, UUUU, METC, ALOY among active names – rallied Friday).
• Chemical sector: LXU was upgraded to Outperform from Market Perform with $13 PT at RBC Capital saying they expect LSB to continue to benefit from elevated nitrogen prices, supporting strong cash Generation in 2026/2027 (10%/13% FCF yield) and improving operations. CC was downgraded to Neutral from Buy at UBS (tgt cut to $18 from $29) saying recent results leave more questions around the right level of earnings of its refrigerant business following larger destocking and some share loss in 2026. IPAR was downgraded at both Goldman Sachs and TD Cowen to Hold after the recent rally in shares as both believes much of next year’s expected growth is reflected in the stock.

• Storage sector: HPE and Everpure (P) both upgraded to Overweight at Morgan Stanley and NTAP upgrade to Equal Weight while downgraded TDC to Equal Weight saying “chipflation” is driving "Fear of Missing Procurement," accelerating—not delaying —enterprise server & storage spending, counter to MSCO’s beliefs from last November. While later in the Cycle, still see stock opportunity. Raising IT Hardware view to In-Line.
• Software movers: MNDY shares fell after Q2 EPS $1.48 topped $1.11 consensus on revs $364.6M vs. est. $355.53M; guided Q3 revs $368M-$370M vs. est. $372M; reaffirms FY26 revenue view $1.466B-$1.474B, vs. consensus $1.47B; sees Non-GAAP operating Income of $230M to $234M. GLBE was downgraded to Equal Weight from OW at Morgan Stanley but raise tgt to $44 from $37 saying the market now more fully appreciates the consistency of GLBE’s growth such that risk reward is more balanced.
• IT Services & Consulting: AIOT shares fell after Q2 revs rose 6.4% y/y to $110.8M but missed the $115.7M estimate and adj Ebitda $21.5M misses the $25.6M consensus; cuts FY27 rev view to $468M-$473M from $485M-$490M (est. $487.25M) and lowers FY27 adjusted EBITDA view to $111M-$114M from $122M-$125M.

• INTC announced a $15B underwritten public offering of common stock. Intel expects to grant to the underwriters of the offering a 30-day option to purchase up to an aggregate total of $2.25B of additional shares of common stock at the public offering price.
• MSFT is in talks with TSM to secure manufacturing capacity for 300K+ Maia 300 chips in 2027 per a report in The Information. Microsoft ultimately wants to ramp production toward ~1M chips next year as it pushes deeper into custom AI silicon.
• NVDA plans to invest up to $3B in Lancium, a data center developer backed by Blackstone (BX), The Information reported this weekend.
• NVTS sued Japan-based rival Renesas in Texas federal court on Monday for allegedly violating its patent rights in next-generation Computer chip innovations.
• The moratorium on Texas data center grid interconnections declared this week by Governor Greg Abbott places ~20% of the total U.S. data center pipeline at risk of delay, and the longer the pause stays in place, the greater the risk to the state’s data center boom, Bloomberg reported