U.S. stocks closed lower Tuesday, September 8, 2026, as a sharp rise in crude oil revived inflation fears and pushed investors out of risk assets. The Dow Jones Industrial Average fell more than 628 points, while the S&P 500, Nasdaq Composite, and Russell 2000 also declined; the Cboe Volatility Index rose above 15 as market uncertainty increased.
Market Close
| Index or Asset | Close | Daily Change |
|---|---|---|
| S&P 500 | 7,673.52 | -45.08, or -0.58% |
| Dow Jones Industrial Average | 52,786.07 | -628.18, or -1.18% |
| Nasdaq Composite | 26,421.41 | -85.58, or -0.32% |
| Russell 2000 | 2,963.79 | -11.86, or -0.40% |
| Cboe Volatility Index (VIX) | 15.61 | +0.31, or +2.03% |
| Gold | $4,407.60 | -$69.00, or -1.54% |
| Bitcoin (BTC-USD) | $78,510.87 | -$709.83, or -0.90% |
| Crude Oil, October Contract | $93.70 | +$2.22, or +2.43% |
The selling was broad but uneven. The Dow’s 1.18% decline made it the day’s weakest major index, reflecting pressure on economically sensitive, industrial, financial, and consumer-oriented blue chips. The technology-heavy Nasdaq Composite limited its loss to 0.32%, signaling that investors continued to differentiate between companies with durable AI and data-center growth exposure and sectors more immediately vulnerable to higher energy costs and interest rates. The Russell 2000’s 0.40% decline reinforced a cautious message for domestic-growth investors: smaller companies are especially sensitive to financing costs, wage pressure, consumer demand, and energy-related operating expenses. The VIX’s move above 15 suggested investors were paying more for downside protection, although volatility remained far below levels typically associated with a full-scale risk-off event.
Oil, Inflation, and Rates
Crude oil was the defining macro catalyst. The October crude-oil contract gained $2.22, or 2.43%, to settle at $93.70 per barrel, moving closer to the psychologically important $100 threshold. It was widely reported that oil prices rose toward $100 as Middle East conflict concerns intensified, while Goldman Sachs (GS) identified a potential path toward $120 Brent crude should disruptions to regional supply and shipping routes become more severe. This matters because energy prices can quickly reach the broader economy through several channels:
- Higher retail gasoline and diesel costs can reduce household discretionary income.
- Increased freight, shipping, and transportation costs can raise prices across consumer and industrial supply chains.
- Higher jet-fuel and fuel expenses can squeeze margins at airlines, logistics providers, and other energy-intensive businesses.
- Persistent energy inflation can complicate the Federal Reserve’s path toward lower interest rates.
The market is therefore confronting a more complicated late-cycle macro backdrop. Economic growth and AI-driven capital expenditures have remained supportive for equities, but an oil shock can reintroduce the kind of inflation pressure that keeps bond yields elevated and challenges richly valued growth stocks. The reaction in traditional havens was also notable. Gold declined $69.00, or 1.54%, to $4,407.60, while Bitcoin fell 0.90% to $78,510.87. Rather than a simple flight to safety, Tuesday’s trading reflected a broader repricing of inflation, rates, liquidity, and geopolitical risk.
AI Infrastructure Holds Up
Despite the market-wide decline, the technology sector retained a key source of support: artificial-intelligence infrastructure spending. Qualcomm Incorporated (NASDAQ: QCOM) surged about 10% after announcing a data-center infrastructure partnership with Amazon.com, Inc.’s (NASDAQ: AMZN) Amazon Web Services. The announcement reinforced investor confidence that the AI investment cycle is expanding beyond graphics processors into processors, connectivity, custom silicon, power-efficient computing, networking, storage, and cloud infrastructure. For Qualcomm (NASDAQ: QCOM), the AWS relationship gives investors a fresh reason to evaluate the company as more than a mobile-chip supplier. The partnership potentially broadens Qualcomm’s opportunity in data-center infrastructure, where demand is being reshaped by generative AI workloads and hyperscale cloud spending. For Amazon.com, Inc. (NASDAQ: AMZN), the agreement points to continued investment by AWS in flexible, high-performance, and power-conscious computing capacity. In a market increasingly focused on the power requirements and economics of AI deployment, efficiency at the chip and data-center level has become strategically important. That backdrop likely helped insulate the Nasdaq Composite from the magnitude of the Dow’s decline. While the Nasdaq still lost 85.58 points, or 0.32%, its comparatively modest drop suggested that investors were reluctant to abandon companies tied to long-term AI capital expenditure.
Stocks and Themes
Tuesday’s market action was driven by the collision of two powerful investment narratives: AI-driven growth and oil-driven inflation.
- Qualcomm Incorporated (NASDAQ: QCOM): Shares jumped roughly 10% following the Amazon Web Services data-center infrastructure deal.
- Amazon.com, Inc. (NASDAQ: AMZN): AWS remained central to the cloud-and-AI investment narrative following its Qualcomm partnership.
- Oracle Corporation (NYSE: ORCL): Investors remained focused on the company’s upcoming earnings, cloud performance, and AI-infrastructure demand trends.
- GameStop Corp. (NYSE: GME): The retailer remained on watch ahead of earnings, with investors focused on operating trends and capital-allocation developments.
- Casey’s General Stores, Inc. (NASDAQ: CASY): The convenience-store operator was in focus as investors monitored fuel economics, consumer spending, and earnings results.
- VinFast Auto Ltd. (NASDAQ: VFS): The electric-vehicle maker remained on the earnings calendar amid continuing scrutiny of EV demand and competitive pressures.
The session’s relative performance offered a practical takeaway: companies benefiting from structural technology spending may continue to attract capital, but they are not immune to valuation pressure if oil inflation causes interest-rate expectations to move higher.
What Many May Watch Next
The next market direction will likely depend on whether oil stabilizes below $100 per barrel or extends its move higher. Investors will also be watching upcoming inflation data, Treasury yields, Federal Reserve expectations, and corporate commentary on cloud, AI, and consumer demand. Key near-term catalysts include:
- Crude-oil direction: A move above $100 could increase concern about gasoline prices, inflation expectations, and corporate input costs.
- Middle East developments: Further disruptions to production, shipping, or regional energy infrastructure could affect oil, equities, currencies, and bond markets.
- Inflation reports: Producer-price and consumer-price data will help determine whether higher energy costs are beginning to alter the broader inflation outlook.
- Federal Reserve expectations: Investors will assess whether elevated energy prices reduce the likelihood of near-term policy easing.
- Oracle Corporation (NYSE: ORCL) earnings: The report may provide another read on enterprise software demand, cloud growth, and AI-related infrastructure spending.
Tuesday’s close was a reminder that the market’s powerful AI-led growth story now faces a major macroeconomic test. Rising oil prices can lift energy-sector earnings, but they also risk squeezing consumers, raising business costs, extending restrictive monetary policy, and challenging the broader equity market’s valuation support.
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 $13.34, +2.69%.
AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.
Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.
The Company also reiterated recently 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, $12.16) 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, $8.40, +12%), 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, $2.82), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.
MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.
MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). You may watch the event video below now if you missed it below now.
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.
Similarweb Ltd. (NYSE: SMWB)
Similarweb Ltd. (NYSE: SMWB) and NIQ (NYSE: NIQ) have recently announced their planned Agentic Commerce Measurement solution aims to connect AI-based product discovery with consumer intent, traffic, conversion and verified sales outcomes. The first version is expected in the fourth quarter of 2026, initially across selected categories and markets. For many, the strategic appeal is simple: as AI becomes an increasingly consequential front door to commerce, the value may accrue not only to the companies building AI assistants, but also to the data-and-measurement providers that tell enterprises whether all that artificial intelligence is generating actual revenue, or merely very articulate window-shopping.
SMWB recently 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 $8.38.. Learn More.
LG Display Co., Ltd. (LPL)
LG Display Co., Ltd. (NYSE: LPL, $3.26) 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, $2.73, +2.63%), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.
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, $24.42) 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, $4.82, +2.32%) 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, $5.06, +10%) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 announced (Aug. 27) that local officials in Mo i Rana, Norway, have rezoned a portion of the company’s Giga Arctic campus, allowing for the development of a data center. T1 is pursuing multiple pathways to monetize this brownfield facility as part of a value optimization initiative.
T1 recently 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, $225.73, -2.01%)
NVDA announced plans (Sept. 3) to acquire open-AI platform Hugging Face for approximately $13 billion, with closing expected in 2027. The move reinforces NVIDIA’s effort to deepen its position across AI infrastructure, development tools, and the open-source AI ecosystem. Learn More.
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, $7.42, +.13%)
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.
Serina Theraeuptics (NYSE : SER)
Serina Theraeuptics (NYSE : SER, $2.50) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.
The Sources
- CNBC Stock futures are little changed as traders await August jobs report: Live updates
- Yahoo Finance Stock market today: Dow, S&P 500, Nasdaq futures diverge after blowout jobs report
- Yahoo Finance Trump threatens to stop trading with countries that have a trade deficit unless the Fed cuts rates
- U.S. Bureau of Labor Statistics Employment Situation, August 2026
- CNBC U.S. payrolls rose 162,000 in August, much more than expected; unemployment rate at 4.1%
- Yahoo Finance The Nasdaq, S&P 500, and Dow All Fell Slightly Friday. The Jobs Report Wasn’t Really Why.
- Yahoo Finance Stock Market News for September 4, 2026
This article is for informational purposes only and should not be construed as investment advice, a recommendation, or an offer to buy or sell any security. Market data are subject to revision, and investors should conduct independent due diligence before making investment decisions.
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