Market Close: Stocks Lower, Iran-Oman Talks, Home Sales Drop • 8/11/26

Summary

U.S. stocks closed modestly lower on Tuesday as investors awaited June CPI data. Oil prices edged above $83 amid reports that Iran and Oman are negotiating co-management of the Strait of Hormuz with apparent U.S. tolerance. Meanwhile, existing home sales fell in July as mortgage rates neared 7%, and a London-based theater owner declared the box office fully recovered with multiple billion-dollar films.

• Major averages fell modestly, Dow -183 pts, S&P -24, Nasdaq -159; Honeywell down 5%.
• Investors brace for June CPI release on Wednesday; Steve Liesman notes NFIB price-raising activity remains double normal.
• Iran and Oman reportedly working on a framework to co-manage the Strait of Hormuz; Pentagon factions want to shift focus to China.
• U.S. crude oil back above $83/barrel; national average gasoline price $4.11.
• Consumer spending growth in July was driven by lower-income households, with trading-down behavior and labor market support.
• Existing home sales fell 1.7% in July; median price up 2% y/y at $434,100; 30-year mortgage rate near 6.8%.
• View CEO Tim Richards says the box office is back, with Spider-Man nearing $2 billion, Odyssey and Toy Story also clearing $1 billion.
• Wednesday earnings: StubHub and Cerebras; Powerball jackpot $975 million.