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Stocks fall ahead of CPI as oil rises and Fed worries linger

The S&P 500 slipped 0.3% while bond yields eased to 4.7% after Chicago Fed President Austan Goolsbee’s inflation comments.

Thursday, August 13, 2026 · Written up by our desk · Indices

U.S. stock indexes closed lower on Tuesday ahead of Wednesday’s CPI report, with the S&P 500 down 0.3%, the Dow Jones Industrial Average down 0.3%, and the Nasdaq 100 down 0.3%. September E-mini S&P futures and September E-mini Nasdaq futures were also lower in late trading.

The decline was tied to higher crude prices and sticky inflation concerns, as the lack of a deal to reopen the Strait of Hormuz pushed oil higher and raised inflation expectations. In addition, Chicago Fed President Austan Goolsbee’s hawkish remarks were framed as bearish for stocks and bonds, with him pointing to inflation as the biggest problem facing the economy.

Bond yields retreated after a recent spike, falling from a one-week high of 4.73% to close at 4.68%. Expectations for a Fed friendly CPI read also shaped the setup, with consensus calling for July core CPI to ease to 3.4% year over year from 3.5%, and core July CPI to slow to 2.5% year over year from 2.6%.

Despite the softer market tone, the outlook for Q2 earnings was cited as a supportive factor, with the S&P 500 tracking for nearly 32% earnings growth in Q2 versus 23% projections. The article also noted that 85% of the 446 S&P 500 companies that had reported beat estimates, while AI infrastructure and AI spending are expected to drive much of the earnings growth in the quarter.

Latest closeWTI crude $82.68 ▼0.6%|S&P 500 7,748.50 ▲0.3%|Nasdaq Comp. 26,588.49 ▲0.5%

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