Stocks Slip as US-Iran Strikes Lift Oil; Indices Still Post August Gains

US stocks closed lower Monday as renewed US strikes on Iranian targets near the Strait of Hormuz pushed Brent crude up 2.7% to $90.49 and revived inflation fears, with markets pricing in a better-than-65% chance of a September Fed rate hike after Chair Kevin Warsh's hawkish Jackson Hole remarks. The Dow fell 374 points (-0.7%), the S&P 500 lost 0.33%, and the Nasdaq slipped 0.12%, yet all three indices still finished August higher — the Nasdaq leading on AI strength and the Dow notching a fifth straight monthly gain. Elsewhere, Marvell shares stayed under pressure after a blowout quarter and expanded Google deal, and GameStop guided Q2 sales lower on store closures and its France exit.

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Wall Street falls as US-Iran strikes lift oil; August still ends higher Renewed US strikes on Iranian rocket launchers near the Strait of Hormuz sent Brent crude up 2.7% to $90.49 and revived inflation fears, with markets pricing in a better-than-65% chance of a September Fed rate hike. The Dow fell 374 points (-0.7%), the S&P 500 lost 0.33%, and the Nasdaq slipped 0.12%, though all three indices posted August gains; utilities cratered on California wildfire legislation reports (PG&E -20%, Edison -23%) and Amazon fell 2.5% on FTC lawsuit reports. 1 2 3 4 5

Marvell's blowout quarter and Google deal fail to stop 10% slide Shares closed at $216.62 after a 10.28% post-earnings drop despite Q2 revenue of $2.739 billion (+36.6% YoY), an EPS beat, and an expanded Google partnership, with data center revenue up 46% to 79% of total. 24/7 Wall St. maintains a buy rating and $312.55 target, implying 44% upside. 6

GameStop warns Q2 sales will fall on store closures, France exit The videogame retailer expects preliminary Q2 net sales of $780-800 million, down from $972.2 million a year earlier, while net income of $290-310 million includes a roughly $238 million gain. Shares fell about 2% premarket as the company presses its contested bid to acquire eBay. 7

Santoli: Investors should be on high alert heading into September CNBC's Michael Santoli warns the S&P 500 has stalled within 2% of its record high just above 7,800 on slim volumes and narrow ranges, leaving the uptrend intact but vulnerable. He also flags Nvidia facing a valuation cliff similar to Apple's last decade. 8