US stocks slid amid rising oil prices on Monday, kicking off a week of earnings and inflation data. Oil rose as traders continue to assess mixed signals from the U.S. and Iran amid worries that a deal between both countries to open the Strait of Hormuz may not be anytime soon. Nvidia shares slid 2.5% to around $218, wiping out $130 billion in market capitalization amid news of a $500 billion collaboration to fund AI infrastructure with key partners such as Apollo Global and Blackstone.
→ The July inflation report on 12 August at 1:30pm BST, 8:30am ET, is the test of whether the Fed stays still.
→ Wall Street is also tracking earnings from several AI-related firms.
→ The reopening of the Strait of Hormuz is the thing actually moving the price, and Iran's foreign minister said an agreement with Oman on a shipping route is 'very close'.