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FollowingThe U.S. stock market opened cautiously on Monday (August 10), with the S & P 500 index and the Dow Jones Industrial Average both remaining near record highs. Investors are weighing the rise in oil prices, uncertainty in the Middle East and a week of intensive release of U.S. inflation data.
At the opening, the Dow Jones index rose 35.7 points, or 0.07% to 54,072.66 points; the S & P 500 index fell slightly 0.08% to 7,751.74 points; and the Nasdaq Composite Index fell slightly 0.04% to 26,680.44 points. Early trading remained light as Wall Street moved into consolidation after last week's strong gains.
The S & P 500 index is close to record high, and JPMorgan Chase raises its target.
The S & P 500 index closed at a record high of 7,757.64 points last Friday. Boosted by strong corporate profits and weak employment data in July, which cooled the Federal Reserve's aggressive interest rate hike expectations, it continued to run high on Monday.
Against a long-term bullish background, JPMorgan Chase on Monday raised its target for the S & P 500 index for the end of 2026 from 7800 points to 8000 points. The bank pointed to strong corporate profits and increased confidence that artificial intelligence spending will translate into faster revenue growth. JPMorgan also raised its 2026 S & P 500 earnings per share forecast to $365 from $350.
The SPY chart shows that US$760 is the main technical pivot point. SPY is currently trading at around $772.81 and is firmly above the region after breaking through previous resistance levels. Analysts believe that if US$760 continues to hold, it is expected to move towards US$800; and if it falls below US$760, it may test the US$730 region.
This makes the $760 more valuable as a confirmation signal rather than a forecast level: holding this level will maintain a breakthrough pattern, and failure to comply means that the current bullish pattern is weakening.
The Dow Jones Index faces key technical areas
The Dow Jones Index chart shows that the index is currently close to 54035 points, approaching a clear resistance zone. In the chart, 54,846.10 points are the first major upward target, followed by 57,863.11 points.
On the downside, according to Elliot Wave Theory, the potential correction levels are 52,847.75 points, 52,266.99 points and 51,692.61 points respectively. If it continues to exceed 54846 points, it is expected to start a new round of gains; on the contrary, if it is blocked in the current region, the possibility of falling back to the lower support area increases.
Oil prices, U.S. bond yields and inflation keep Wall Street cautious
Oil prices are one of the reasons why stocks failed to extend their gains immediately. Brent crude oil exceeded US$84 a barrel on Monday as the market focused on negotiations related to the Strait of Hormuz. Higher energy prices have boosted oil-related sectors but put pressure on tourism stocks amid concerns about rising fuel costs.
Bond yields also rose simultaneously. The 10-year U.S. bond yield rose about 3 basis points to 4.671%, reversing a decline after Friday's weak jobs report. If yields continue to rise, high-value technology stocks may come under pressure.
Individual stocks have also brought additional pressure. Intel shares fell after announcing a $15 billion stock offering plan, and Apple fell after Jefferies downgraded it. Berkshire Hathaway rose on strong operating profits.
Investors are currently focusing on the July consumer price index (CPI) released on Wednesday (August 12), followed by Thursday's producer price index (PPI) and Friday's retail sales data. These reports will determine whether the S & P 500 and Dow Jones can continue their record gains or enter a broader consolidation phase.
