U.S. stocks opened cautiously Monday, Aug. 10, as the S&P 500 and Dow Jones Industrial Average stayed close to record territory while investors weighed rising oil prices, Middle East unce
U.S. stocks opened cautiously Monday, Aug. 10, as the S&P 500 and Dow Jones Industrial Average stayed close to record territory while investors weighed rising oil prices, Middle East uncertainty and a major week for U.S. inflation data.
At the opening bell, the Dow Jones rose 35.7 points, or 0.07%, to 54,072.66, while the S&P 500 slipped 0.08% to 7,751.74. The Nasdaq Composite edged 0.04% lower to 26,680.44. Early trading remained subdued as Wall Street consolidated after last week's strong advance.
S&P 500 Holds Near Record as JPMorgan Raises TargetThe S&P 500 entered Monday after closing Friday at a record 7,757.64, supported by strong corporate earnings and renewed optimism that the Federal Reserve may have less reason to raise interest rates aggressively after weak July employment data.
Adding to the bullish longer-term backdrop, JPMorgan raised its year-end 2026 S&P 500 target to 8,000 from 7,800 Monday. The bank cited stronger corporate earnings and growing confidence that spending on artificial intelligence will translate into faster revenue growth. JPMorgan also raised its 2026 S&P 500 earnings-per-share forecast to $365 from $350.
The SPY chart supplied by ThiccTeddy highlights $760 as the main technical pivot. SPY was shown around $772.81, comfortably above that zone after breaking through previous resistance. The analyst's scenario calls for a move toward $800 if $760 continues to hold, while a break back below $760 could expose the $730 area.
SPY Holds Above $760 Breakout Zone as $800 Target Comes Into View․ Source: ThiccTeddy (@ThiccTeddy) on X
That makes $760 more useful as a confirmation level than as a prediction: holding above it would preserve the breakout structure, while losing it would weaken the current bullish setup.
Dow Jones Faces an Important Technical ZoneThe supplied Dow Jones chart from More Crypto Online shows the index near 54,035 and approaching a marked resistance region. The chart places 54,846.10 as the first major upside level, followed by 57,863.11.
Dow Jones Tests 54,000․ Source: More Crypto Online (@Morecryptoonl) on X
On the downside, the Elliott Wave setup identifies 52,847.75, 52,266.99 and 51,692.61 as potential retracement levels. A sustained push above 54,846 would support another upward leg under that interpretation, while rejection near current levels could increase the chance of a pullback toward the lower support zone.
Oil, Treasury Yields and Inflation Keep Wall Street CautiousOil is one reason stocks have struggled to extend their rally immediately. Brent crude climbed above $84 a barrel Monday as traders monitored negotiations surrounding the Strait of Hormuz. Higher energy prices helped oil-related shares but pressured travel companies because of concerns over higher fuel costs.
Bond yields also moved higher. The 10-year Treasury yield rose about 3 basis points to 4.671%, reversing its decline after Friday's weak jobs report. Rising yields can become a headwind for highly valued technology stocks if the move continues.
Individual stocks added another layer of pressure. Intel fell after announcing plans for a $15 billion stock offering, while Apple declined after Jefferies downgraded the shares. Berkshire Hathaway traded higher after reporting stronger operating earnings.
Investors now turn to July CPI on Wednesday, Aug. 12, followed by PPI on Thursday and retail sales Friday. Those reports could determine whether the S&P 500 and Dow can extend their record-setting run or enter a broader consolidation.
