U.S. equities closed lower on Monday, August 31, 2026, as renewed Middle East tensions lifted energy prices, pushed inflation concerns back to the forefront, and reinforced expectations that the Federal Reserve could maintain a restrictive policy stance. Despite the day’s pullback, the major benchmarks still finished August with solid monthly gains.

U.S. Market Close

Index / Asset	Closing Level	Daily Change
S&P 500	7,686.14	-25.62, or -0.33%
Dow Jones Industrial Average	53,185.90	-374.09, or -0.70%
Nasdaq Composite	26,370.89	-31.54, or -0.12%
Russell 2000	2,956.45	-15.93, or -0.54%
CBOE Volatility Index	14.92	+0.49, or +3.39%
Gold	4,591.70	-28.70, or -0.63%
Bitcoin (BTC-USD)	78,958.91	+376.59, or +0.48%

The Dow led the major-index declines, falling 0.70%, while the small-cap Russell 2000 dropped 0.54%. The tech-heavy Nasdaq proved relatively resilient, slipping just 0.12%, though the intraday move still reflected broad investor caution. The VIX, Wall Street’s closely watched gauge of expected S&P 500 volatility, rose 3.39% to 14.92, signaling a modest increase in hedging demand and near-term uncertainty.

What Moved Markets Today

Risk appetite weakened after the U.S. and Iran exchanged strikes for the first time in roughly a month, reviving concern that a wider conflict could disrupt energy flows through the Strait of Hormuz. Oil prices moved sharply higher intraday, with Brent crude briefly trading above $90 per barrel and West Texas Intermediate crude above $85 per barrel. The market’s concern was not simply the immediate price of oil; it was the potential for higher fuel and transportation costs to keep inflation firm and complicate the Fed’s policy outlook. Energy was the only S&P 500 sector trading higher during the session, benefiting from the rise in crude. Companies cited as advancing before the open included Halliburton (HAL), Chevron (CVX), Valero Energy (VLO), Occidental Petroleum (OXY), and Exxon Mobil (XOM). Conversely, utilities and communications services were among the weakest groups. California utility stocks sold off sharply after lawmakers reportedly blocked a proposal designed to limit certain wildfire-related liabilities. Edison International (EIX) fell more than 22% intraday, while PG&E Corp. (PCG) dropped about 19% in midday trading.

Stocks In Focus

Tesla (TSLA) stood out as a major gainer, rising about 5% intraday even as the broader S&P 500 moved lower. Ulta Beauty (ULTA) also advanced roughly 4%, illustrating that investors remained willing to reward select company-specific opportunities despite a risk-off macro backdrop. Apple (AAPL) was also in focus after Yahoo Finance reported that Tim Cook was stepping down as chief executive officer and would transition to executive chair, with hardware engineering executive John Ternus slated to take the CEO role. Any executive transition at Apple warrants close attention because of the company’s outsized influence on major U.S. indexes, technology-sector sentiment, and consumer-electronics supply chains. Elsewhere, Pinterest (PINS) fell in premarket action after disclosing that Chief Financial Officer Julia Brau Donnelly plans to depart at the end of October, with Vikram Naidu named interim replacement. In corporate deal news, Aon plc (AON) agreed to acquire USI Insurance Services from KKR & Co. Inc. (KKR) for $17 billion. The companies said the transaction is expected to generate $395 million in annual run-rate adjusted EBITDA impact from revenue and cost synergies.

Macroeconomic Commentary

Monday’s session underscored the market’s central macroeconomic dilemma: growth remains supported by investment, particularly in artificial intelligence infrastructure and broader capital spending, but energy-driven inflation pressure could restrict the Fed’s room to ease policy. Federal Reserve Chair Kevin Warsh reiterated concern over inflation following last week’s Jackson Hole symposium. He characterized the current environment as one of “secular growth” and a global investment surge, reflecting confidence in business investment and AI-led productivity opportunities. At the same time, he has stressed that recent inflation improvements have not conclusively demonstrated that underlying price pressures are fully contained. That tension showed up in the bond market. The 10-year Treasury yield remained elevated around 4.716% after the Jackson Hole-driven rise in yields, while energy-price strength added to concerns about inflation expectations. Higher long-term yields can pressure equity valuations, especially for long-duration growth stocks, because future earnings are discounted at a higher rate. The latest geopolitical developments also come as investors are increasingly pricing in a possible 25-basis-point Fed rate increase at the September meeting. Yahoo Finance reported that market-implied odds of such a move had risen to 62%, up from about 40% a week earlier. Economic data were light Monday, with the Dallas Fed manufacturing survey the principal U.S. release. The bigger focus now shifts to this week’s labor-market data, particularly Friday’s August employment report, alongside fresh manufacturing and services readings. Those reports will help determine whether markets view the economy as resilient enough to absorb higher rates or vulnerable to a policy and energy-price squeeze.

A Few Takeaways

• Oil is the immediate macro variable to watch. Sustained Brent pricing above $90 per barrel could raise the inflation risk premium in bonds and create a tougher backdrop for rate-sensitive equities.
• The Fed outlook has become more important. Investors are balancing evidence of continued economic strength against the possibility that inflation and now geopolitical energy risk could delay policy easing or support another increase.
• Technology remains a key source of market leadership. The sector powered much of August’s gains, with Nvidia (NVDA), Microsoft (MSFT), and Micron Technology (MU) among the AI-linked names that outperformed during the month. CNBC reported monthly gains of more than 7% for Nvidia, 9% for Microsoft, and 14% for Micron as of Monday.
• August remained positive despite Monday’s retreat. Heading into the final session, the S&P 500 was up 2.96% for the month, the Nasdaq Composite had gained 4.05%, the Dow was up 2.05%, and the Russell 2000 had risen 1.4%.
• Volatility risk may rise into September. The VIX remains below historically elevated levels, but the combination of geopolitics, oil, Treasury yields, Fed expectations, and the jobs report leaves markets susceptible to larger daily swings.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL, $11.97, +.34%) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $11.75. 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, $12.57) 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, $6.46), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.76, +8.67%), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, 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.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. SMWB closed at $9.29, +2.31%. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.39, +1.19%) 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, $2.75), a leading China-based beauty group, announced that it will release its unaudited financial results for the second quarter of 2026, on Wednesday, September 2, 2026, before the open of the U.S. markets. The Company’s management will hold a conference call on Wednesday, September 2, 2026 at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers: United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong (toll free): 800-905-945 Hong Kong: +852-3018-4992

YSG 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, $26.71) 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. (NYSE: SOC, $4.83, +7.57%) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.79) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $220.78, +1.48%)

Nvidia once again delivered (Wed., August 26) results that made Wall Street’s estimates look rather conservative. After the bell on Wednesday, NVIDIA, for its fiscal second quarter, the AI-chip leader reported adjusted earnings of $2.22 per share, ahead of the $2.10 consensus forecast, while revenue reached $96.22 billion, comfortably above expectations of $92.17 billion. The performance underscores Nvidia’s central role in the global AI buildout, where demand for its computing hardware continues to turn ambitious data-center plans into exceptionally large purchase orders. In short: the company remains one of the market’s preferred ways to bet on artificial intelligence, and, judging by the numbers, the machines are still very much hungry.

Exodus Movement, Inc. (EXOD, $7.60)

Exodus Movement, Inc. (NYSE American: EXOD) offers investors an increasingly unusual combination: a publicly traded software company positioned at the intersection of crypto adoption, self-custody, consumer finance and digital-asset infrastructure. In a sector accustomed to grand promises and occasionally vanishing balance sheets, Exodus sells a more practical proposition—help users securely manage, swap, stake and spend digital assets without handing over the keys. That model is gaining relevance as cryptocurrency moves beyond the speculative trading screen and toward everyday financial utility. Exodus is not trying to become a bank in a hoodie; it is building the user-friendly front door to a self-custodial digital-asset economy.

The Sources

Complete Sources

1. Yahoo Finance Stock market today: Dow, S&P 500, Nasdaq futures fall as U.S. strikes Iran, rate-hike bets jump
2. CNBC Stock market today: Stocks fall after U.S. strikes Iran, but Wall Street heads for winning month
3. CNBC Stocks making the biggest moves midday: PG&E, Edison International, Apple, Aon and more
4. Federal Reserve Bank of Dallas Texas Manufacturing Outlook Survey
5. Investopedia Stocks Decline as Oil Jumps Following U.S.-Iran Strikes
6. Associated Press via ABC7 World shares are mixed and oil prices surge after U.S. strike on Iranian rocket launchers
7. Investing.com U.S. Dallas Fed Manufacturing Business Index
8. Morning Brew Oil Change
9. Newsquawk Daily U.S. Equity Opening News: Apple leadership transition, Aon’s USI acquisition and energy-market developments

Disclosure: This market commentary is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results.