Market Midday: Stocks Lower, Dow Slips From Record; Chips Weaken • 7/7/26

• Dow, S&P 500, and Nasdaq indices are all lower, with Caterpillar shares leading the Dow's decline.
• Chipmaker shares are struggling, though Nvidia is up slightly; expert commentary points to more 'deleveraging' in momentum factors.
• Oil prices are above $70/barrel following tanker strikes in the Strait of Hormuz by Iran, with refined products remaining 'sticky'.
• Back-to-school spending is expected to increase by 50% to $922 per family due to inflation, and the real estate market is balancing, but agents are less optimistic about future sales.

Wall Street is in the red this afternoon, with major indices like the Dow, S&P 500, and Nasdaq all down. Chipmakers are struggling, and oil prices are up due to geopolitical tensions. Consumer spending for back-to-school is projected to rise significantly due to inflation, while the real estate market shows signs of balancing but with decreased agent optimism for future sales.