U.S. equities finished lower on Tuesday, August 11, 2026, extending a modest two-session pullback from recent record levels. Concerns that a resolution to the U.S.-Iran standoff may take longer than hoped helped keep oil prices elevated, while investors positioned cautiously ahead of Wednesday’s July Consumer Price Index report and Thursday’s Producer Price Index release

Tuesday market performance

Index / Asset	Closing level	Daily change
Dow Jones Industrial Average	53,791.85	-184.13 (-0.34%)
S&P 500	7,728.20	-24.91 (-0.32%)
Nasdaq Composite	26,445.45	-159.91 (-0.60%)
Russell 2000	3,027.12	+9.72 (+0.32%)
Cboe Volatility Index	15.28	-0.18 (-1.16%)
Gold	$4,430.90	-$10.20 (-0.23%)

The S&P 500 declined 0.32% to 7,728.20, the Dow fell 184.13 points to 53,791.85, and the Nasdaq Composite led the major-index retreat, down 0.60% to 26,445.45. The Russell 2000’s gain suggested that selling pressure was concentrated more heavily in large-cap growth and technology shares than across the entire equity market

What drove markets lower?

The primary market narrative remained the interaction of geopolitics, energy prices and inflation expectations. Reports of uncertainty around U.S.-Iran negotiations and the potential reopening of the Strait of Hormuz renewed concern about disruptions to crude flows, creating another upward impulse for oil. West Texas Intermediate crude futures closed up 1.3% at $83.20 per barrel, while Brent crude gained roughly 1.4% to $88.91. That matters because a sustained rise in energy costs can feed into headline inflation, complicate the Federal Reserve’s policy calculus and pressure long-duration equity valuations. Investors entered the session already focused on Wednesday’s July CPI release, followed by the July PPI report on Thursday. The inflation backdrop is consequential. The Bureau of Labor Statistics reported that CPI-U fell 0.4% in June after rising 0.5% in May, driven in part by a 5.7% decline in the energy index. A reversal in energy-price trends could therefore become more visible in upcoming inflation readings if oil remains elevated.

Technology stocks and key movers

Large technology stocks weighed on the cap-weighted benchmarks, with Amazon.com, Inc. (AMZN) and Alphabet Inc. (GOOGL) among the notable decliners cited in market coverage. Their weakness contributed to the Nasdaq’s larger percentage decline relative to the Dow and S&P 500.

Corporate results and company-specific developments produced sharp moves beneath the index level:

Cardinal Health, Inc. (CAH) rose about 5% after forecasting fiscal 2027 profit above Wall Street expectations.
Riot Platforms, Inc. (RIOT) gained about 9.5% following reports involving a large cloud-computing agreement with Anthropic.
On Holding AG (ONON) fell more than 21% after missing sales estimates.
Venture Global, Inc. (VG) declined roughly 5% after second-quarter revenue came in slightly below expectations.
Investors also awaited post-close earnings from CoreWeave, Inc. (CRWV) and Super Micro Computer, Inc. (SMCI), two useful read-throughs for AI infrastructure and server-demand trends.

Macroeconomic commentary

Tuesday’s decline was not a broad risk-off event; it was a measured repricing of near-term risks. The low level of the VIX, which closed at 15.28 and fell on the day, suggests that equity investors were cautious but not displaying signs of broad market stress.

The near-term macro setup now hinges on three connected questions:

Will oil remain elevated? Higher crude prices could lift headline inflation and reduce confidence that disinflation will continue smoothly.
Will CPI confirm easing price pressures? Consensus expectations cited before the release called for a 0.1% monthly increase in headline CPI and a 0.2% gain in core CPI, with annual readings expected at 3.4% and 2.5%, respectively.
How will the Federal Reserve interpret inflation alongside softer employment data? A benign CPI outcome would support the case for holding policy steady, while a stronger-than-expected reading could revive concern that inflation is proving more persistent.

Market outlook

For investors, Wednesday’s CPI report is the immediate catalyst. A softer-than-expected figure could ease rate and valuation concerns, benefiting growth-sensitive sectors such as technology. Conversely, hotter inflation—especially if paired with continued gains in oil—could pressure rate-sensitive equities and reinforce leadership in energy-linked and value-oriented segments. Tuesday’s close showed that the market remains resilient but selective: small caps advanced, volatility stayed contained and the major averages remain near recent highs. Still, the combination of geopolitical uncertainty, higher oil prices and pivotal inflation data calls for attention to sector rotation, earnings execution and the Treasury-yield response over the next several sessions.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $13.58, +.44%. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
- Achieved subscription revenue of $25.7 million
- Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
Reported gross margin of 53%
Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
Total visits on the platform were 0.8 million.

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
AMG visits between 1.32 million and 1.37 million
Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million.

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

Q3 revenue in the range of $46 million to $48 million
Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $13.35) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.70, +.60%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, wrapped up its KOL event today with a clear message for Wall Street and the GI community: EP‑104GI is not just another esophageal steroid, it is being architected to live comfortably inside real‑world upper endoscopy practice for eosinophilic esophagitis (EoE) patients. By the end of the session, the tone had shifted from “could this work?” to “this is how we would use it on Monday,” which is exactly the inflection investors watch for

EPRX announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”

Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.01, +.75%), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 5) that management will host a booth at the Association of Diabetes Care & Education Specialists 2026 Annual Conference (the “Conference”) in Columbus, Ohio, from August 7-10, 2026, where they will showcase the new Pivot tubeless insulin patch pump.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Modular Medical announced (July 14) announced positive findings from a new comprehensive diabetes patient research initiative further supporting its commercialization strategy. The Company will share these findings and showcase its Pivot™ tubeless insulin patch pump at the upcoming Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in Columbus, Ohio, August 7-10, 2026. Key findings from the assessment of 100 individuals utilizing multiple daily injections revealed significant unmet needs and strong interest in simplified insulin pump technology: 1) 97% of participants stated they would be interested in insulin pump therapy and expressed openness to alternative treatment options, 2) Among the 43% of participants who reported being hospitalized due to hyperglycemia, hypoglycemia, diabetic ketoacidosis (DKA), or hyperosmolar hyperglycemic state (HHS), nearly half reported experiencing such events two or more times annually, & 3) 55% of participants reported finding themselves in environments that were not convenient or private for administering insulin injections at least twice per week, while 31% experienced these situations more than four times per week.

Modular Medical (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.

MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $7.25), a leading digital data and analytics company powering critical business decisions, act 5-dayswill release second quarter 2026 financial results for the period ended June 30, 2026, before the market opens on Wednesday, August 12, 2026. Management will host a conference call on Wednesday, August 12, 2026, at 8:30 a.m. EDT to discuss the Company’s business and financial results. A live webcast of the call can be accessed from Similarweb’s Investor Relations website at https://ir.similarweb.com.

SMWB announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR) and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, 3.43, +2.08%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $3.34, .30%), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $26.11, +1.87%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

Revenue between $170 million and $171 million.
Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

Revenue between $671 million and $681 million.
Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (SOC, $4.65) is rebooting a controversial but strategically important offshore-pipeline system under federal DPA orders, targeting meaningful production from Platform Hondo while juggling financing needs that could run into the billions and regulatory battles that could reshape California’s energy landscape.

FMC (NYSE:FMC)

FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC [NYSE:FMC, $10.41].

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $5.47, +3.01%) will publish a press release detailing second quarter 2026 results and conduct a conference call on Wednesday, August 12, 2026. The second quarter 2026 press release will be issued at or around 6:00 am Eastern Daylight Time. The conference call is scheduled to begin at 8:00 am Eastern Daylight Time.

Nvidia (NVDA, $217.50)

NVDA continues to expand its influence in AI with the launch of the Alpamayo model and a new $2 billion investment in AI infrastructure.

The Sources

This commentary is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security.

Aug. 11, 2026 | S&P 500, Dow and Nasdaq Close Lower as Oil and Inflation Worries, CPI Report Loom -( $CAH $LPL $MODD $RIOT $TE $YSG Rise!)

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