The S&P 500 clung to Friday's record high in quiet Monday trading, while the Dow slipped 0.13% and the Nasdaq Composite fell 0.19%. Oil prices jumped after progress toward reopening the Strait of Hormuz reportedly stalled, with the United States Oil Fund up 5.3% and Brent crude climbing past $86 per barrel. Among megacap tech, Microsoft rose 2.1%, Amazon added 2%, and Meta Platforms gained 1.3%, but Nvidia fell 2% on reports it may cut back on high-bandwidth memory chips in a coming AI accelerator design, and Apple also dropped 2% on component cost concerns. Home Depot declined 2% on gloomy consumer confidence trends. The market now looks ahead to Wednesday's Consumer Price Index report, with forecasters expecting 3.4% headline CPI versus 3.5% in June.
