Markets Midday: Stocks Slide, Oil Prices Jump, FCC Lifts Ownership Cap 8-6-2026

Summary

U.S. stocks fell midday as tech/AI enthusiasm cooled following mixed forecasts from SanDisk and Western Digital. Oil prices jumped on Houthi attack claims, reigniting inflation concerns. Truist strategist Keith Lerner remains bullish on tech and AI, citing reset valuations and historically low sector premiums. Former Fed Vice Chair Roger Ferguson sees two more rate hikes ahead due to sticky inflation. The FCC voted to lift the local TV ownership cap, likely triggering a court challenge.

• Stocks slide with Dow down 372 points, S&P 500 off 0.25%, Nasdaq flat.
• SanDisk and Western Digital forecasts fail to beat high AI expectations.
• Keith Lerner (Truist) says tech/AI still have upside after valuation reset; recent premium near decade lows.
• Crude oil up 2.4% after Houthis claim attack on Saudi deployments in Yemen.
• Unit labor costs rose less than expected, productivity stronger, but Roger Ferguson still expects two more Fed rate hikes.
• FCC votes to remove 39% household reach cap for local TV station owners, facing legal challenge.