U.S. stocks closed lower Tuesday, August 18, 2026, with technology shares and small-cap stocks sustaining the sharpest losses. The selling followed renewed pressure from elevated oil prices, historically high long-dated Treasury yields, and economic data showing a sizable decline in U.S. housing starts. The S&P 500 fell 0.69% to 7,691.76. The Dow Jones Industrial Average declined 0.22% to 53,343.40, while the Nasdaq Composite dropped 1.33% to 26,289.71. The Russell 2000 lost 1.16% to 3,022.19, reflecting heightened pressure on smaller, more domestically oriented companies. The closing figures below reflect the attached end-of-day market snapshot. The relative performance tells the story: the Dow’s smaller loss offered modest support from more defensive, mature companies, while the Nasdaq and Russell 2000 registered deeper declines. This pattern is consistent with a market that is repricing rate-sensitive growth equities and smaller businesses facing a higher cost of capital.

Why The Market Fell

The market’s key challenge remains the intersection of energy prices, inflation expectations, and Treasury yields. Brent crude oil hovered near $91 per barrel during Tuesday’s session, with geopolitical concerns surrounding the Middle East keeping a risk premium embedded in energy markets. Sustained higher energy costs can pressure consumer purchasing power, corporate margins, and the inflation outlook. At the same time, long-term Treasury yields remained elevated. The U.S. 10-year Treasury yield finished near 4.71%, while the 30-year Treasury yield ended near 5.29%, after both traded higher intraday. High long-term yields affect equity valuations directly, particularly for companies whose earnings are expected further in the future. They also lift borrowing costs for households, corporations, commercial real estate owners, and government issuers. The 1.33% fall in the Nasdaq Composite versus the Dow’s 0.22% decline signals investors were particularly cautious toward long-duration growth exposure. The Russell 2000’s 1.16% retreat also suggests that rate pressure was not isolated to mega-cap technology; it extended to smaller companies that tend to carry greater refinancing and domestic-demand sensitivity.

Macroeconomic Report: Housing Starts Slide

July U.S. housing starts fell 12.4% month over month to a 1.239 million annualized pace, a notably steeper decline than economists expected. Single-family starts dropped 9.9% to an annualized rate of 808,000, highlighting the impact of still-elevated mortgage rates and constrained housing affordability on construction activity. The more encouraging counterpoint was building permits, which rose 5.0% month over month to a 1.443 million annualized rate. Permits are a forward-looking indicator, so their increase implies that homebuilders have not abandoned plans for future construction. However, the sizable divergence between permits and actual starts suggests that developers remain cautious about initiating projects in the current financing environment. Import prices declined 0.4% in July, and export prices decreased 1.3%, offering some near-term relief in the inflation data. However, annual import-price inflation remained elevated, meaning investors are likely to remain highly attentive to energy markets and the next round of consumer- and producer-inflation reports.

Corporate And Sector Read-Through

The Home Depot, Inc. (NYSE: HD) closed at $337.64, down 0.07% on the day. Home Depot (HD) remains an important bellwether for housing turnover, repair activity, renovation demand, and the willingness of consumers to finance large home-improvement projects. Its comparatively modest move contrasted with the broader weakness in equities, but the housing-starts report reinforces the difficult demand environment confronting housing-linked retailers and suppliers.

The day’s price action carried several broader messages for investors:

• Technology and other long-duration growth stocks remain sensitive to every move in Treasury yields
• Small-cap companies face a more difficult operating and financing backdrop when rates stay elevated
• Energy producers may continue to benefit from firm crude pricing, although consumers and transportation-sensitive industries face greater cost pressure
• Housing, home improvement, real estate, and other rate-sensitive areas remain dependent on a sustained decline in long-term borrowing costs

What Investors Should Watch Next

The near-term market outlook hinges on whether crude oil and Treasury yields stabilize or resume climbing. A persistent move higher in Brent crude could complicate the inflation outlook and reduce expectations for easier Federal Reserve policy. Conversely, a meaningful retreat in yields could provide relief to technology, small caps, housing-related equities, and interest-rate-sensitive consumer sectors.

Investors should focus on:

• Oil prices: Whether Brent crude remains above $90 per barrel or retreats as geopolitical risk evolves
• Treasury yields: Whether the 10-year yield can move sustainably below the 4.7% area and whether the 30-year yield retreats from above 5%
• Housing data: Whether permits translate into future construction starts and whether mortgage-rate conditions improve
• Market breadth: Whether weakness remains centered in growth stocks or broadens further across cyclical and defensive sectors
• Inflation expectations: Whether higher energy prices appear in upcoming consumer and producer price readings

Tuesday’s decline did not indicate a uniform risk-off event—the Dow was comparatively resilient—but the losses in the S&P 500, Nasdaq, and Russell 2000 demonstrate that investors are demanding a clearer path for inflation, yields, and economic growth before adding materially to risk exposure.

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 $12.20. 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, $13.86, +.43%) 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, $6.85, +.44%), 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, $3.03, +27.85%), 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. On Wednesday, August 12, SMWB shares climbed roughly 17% in premarket trading after the release; during the regular session, the stock closed at $8.57, +.12%. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.30) 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, $3.06), 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, $24.94, +1.71%) 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, $3.99) 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, $4.65) 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, $219.74)

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

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX)

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX, $35.11, +63.84%) has delivered the kind of Phase 3 result biotechnology investors wait patiently—and, on occasion, not so patiently—for. The company reported that avexitide reduced the composite rate of severe and clinically meaningful post-bariatric hypoglycemia events by 55% versus placebo in its pivotal LUCIDITY study, positioning the company for a planned NDA submission by year-end. Learn more.

The Sources

[2] US 30-year yields hit highest level since 2007 as war, oil … https://www.reuters.com/business/us-30-year-yields-hit-highest-level-since-2007-war-oil-worries-fester-2026-08-18/
[3] Tech stocks weigh on Wall Street as Iran stalemate lifts oil, … https://www.reuters.com/business/us-stock-futures-drop-fading-iran-peace-hopes-lift-oil-bond-yields-2026-08-18/
[4] Bonds, stocks jolted as Middle East tensions shatter market … https://finance.yahoo.com/energy/articles/oil-prices-climb-bond-yields-011655842.html
[5] Factories Forge Ahead While Housing Activity Stays Stuck https://economics.bmo.com/publications/detail/5fb6bd3f-4312-4525-881a-81b82dc207fb/