Market Close: Mixed Stocks, US Deficit Surges, Inflation Tame • 8/12/26

Summary

CNBC's market close update reported mixed major averages, with the Dow slightly lower while the S&P 500 and Nasdaq advanced. It highlighted all-time highs in oil refiners and money-center banks, a surge in the U.S. budget deficit, July CPI details, and the record sale of the Los Angeles Lakers. The update also covered Google's Gemini-focused Pixel launch and Comac's first international flight.

• Dow fell 21 points, while S&P 500 and Nasdaq ended higher.
• Home Depot dropped 3% and led the Dow lower.
• Marathon Petroleum, Phillips 66, Valero, JPMorgan Chase and Bank of America hit all-time highs.
• U.S. budget deficit hit its highest level since March 2021.
• July CPI headline rose 3.4% year-over-year; gasoline declined 2.9% month-on-month.
• Los Angeles Lakers are being sold for $12 billion, a sports franchise record.
• Google launched Pixel 11 and Pixel 11 Pro Fold built around Gemini AI.
• Comac's first international flight could challenge Boeing and Airbus.