Market Midday: Stocks Higher, Lakers Sell for Record $12B, Gas Prices Up • 8/12/26

Summary

The midday update covers a broadly higher stock market led by Nvidia, with several bank and oil refiner stocks hitting all-time highs. Oil prices remain above $83 after Red Sea and Gulf of Oman vessel attacks, and gasoline prices are expected to rebound after a July CPI decline. July CPI showed headline inflation up 3.4% year-over-year, core PCE tracking at 3.3%, and speakers highlighted Fed challenges. The update also covers the record $12 billion Lakers sale and Google's Gemini-focused Pixel 11 launch ahead of Apple's Gemini-powered Siri rollout.

• Major averages were higher midday, with Nvidia leading the Dow and chipmakers mostly green
• JPMorgan, Bank of America, Marathon Petroleum, Phillips 66 and Valero hit fresh all-time highs
• US crude oil remained above $83 a barrel after Red Sea and Gulf of Oman vessel attacks
• Steve Liesman expects the July CPI gasoline decline to reverse in August
• Core PCE was estimated at 3.3% annual rate, leaving the Fed in a hard place
• Jack Lew said inflation will take a good while to reach 2% and noted a weakening jobs report
• The Los Angeles Lakers were sold for $12 billion, a new sports franchise record
• Google launched the Pixel 11 and Pixel 11 Pro Fold built around its Gemini AI push