Market Close: Crude Oil Jumps, Stocks Slide, Apple Falls, Lilly Rallies 8-10-2026

Watch on YouTube ↗  |  August 10, 2026 at 20:31  |  2:19  |  CNBC
Speakers
Francisco Blanch — Head of Global Commodities and Derivatives Research, Bank of America
Gene Munster — Managing Partner, Deepwater Asset Management

Summary

Peter Schacknow covers a market close where stocks slipped and crude oil surged 5% on Iran/Hormuz tensions. BofA's Francisco Blanch warns oil normalization will be slow due to extremely low ship traffic. Apple fell on a Jefferies downgrade but Gene Munster of Deepwater counters with a bullish thesis on stretched iPhone introductions. Eli Lilly rallied on UK approval of a weight loss pill, while Intel dropped on a $15 billion equity raise.

  • Major US indices declined modestly amid a news vacuum, with crude oil jumping 5% on Strait of Hormuz concerns.
  • Francisco Blanch of Bank of America says ship traffic remains extremely low and oil market normalization will take much longer.
  • Apple fell about 1.5% after Jefferies downgraded the stock, citing cancellation of a planned all-glass iPhone.
  • Gene Munster of Deepwater Asset Management argues Apple will stretch out iPhone launches, boosting profits this fall and next year.
  • Eli Lilly gained nearly 4% on UK regulatory approval for its weight loss pill, the first such approval in Europe.
  • Intel declined about 4% after announcing a $15 billion stock sale to fund its contract manufacturing expansion.
Ideas
Francisco Blanch Head of Global Commodities and Derivatives Research, Bank of America 0:38
Hormuz disruptions keep crude oil elevated
Restrictions at the Strait of Hormuz are severely limiting ship traffic (currently 5-10 ships/day vs ~140 needed to return to pre-war levels and 80-100 to stabilize), making it very difficult to normalize energy markets; the slow flow will keep crude oil prices elevated and risks escalation into winter.
WTI HIGH
Gene Munster Managing Partner, Deepwater Asset Management 1:11
Staggered iPhone launches boost Apple profits
Apple is planning to stretch out new product introductions, launching high-end iPhones this fall (about 60% of sales) and delaying the remaining 40% to the March/June quarter next year. This staggered approach will drive people to more expensive upgrades now and provide an additional boost later, benefiting Apple's bottom line and countering the Jefferies downgrade thesis of a canceled all-glass iPhone.
AAPL HIGH
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This CNBC video, published August 10, 2026, features Francisco Blanch, Gene Munster discussing WTI, AAPL. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Francisco Blanch, Gene Munster  · Tickers: WTI, AAPL