Stock Market Today, Aug. 5, 2026: Dow Extends Rally to Record High

The Dow Jones Industrial Average closed at a record on Wednesday, extending its winning streak to five sessions and posting a third straight record close. The blue-chip index and the S&P 500 both set fresh intraday highs. The S&P 500 then slipped to finish slightly lower, and the Nasdaq Composite fell nearly 1%. That ended four-session winning streaks for both.

A handful of large earnings reactions drove the split. SpaceX and Advanced Micro Devices, neither of them Dow components, fell sharply and weighed on the Nasdaq. Gains in Dow members Disney and Nvidia, the world’s most valuable public company, lifted the blue-chip average. Shopify jumped 17% to lead the Nasdaq, Booking Holdings and Eli Lilly rose after their reports, and Insulet, Uber, Pinterest and CVS Health fell after theirs.

Earnings Reactions Split the Major Indexes

The heaviest losses on Wednesday came in stocks that sit outside the Dow. SpaceX, which listed in mid-June, fell nearly 14% in its first session after reporting results as a public company. AMD dropped 6.5% even though its results topped estimates. Both trade on the Nasdaq and count toward the Composite and the S&P 500. Neither is part of the Dow. Shopify’s rally was the largest gain on the Nasdaq, but it did not offset the decliners.

The Dow’s components fared better. Disney climbed almost 4% after beating profit estimates. Nvidia rose about 3.5% to lead the Magnificent Seven megacaps, which finished mixed. Alphabet was the main drag inside the Dow. It led the average’s decliners during the session after a reshuffling of Google’s AI leadership.

The S&P 500 had closed at a record on Tuesday alongside the Dow. On Wednesday it touched a new intraday high again before slipping into the close. Tuesday’s session, which included a broad rally in chip and AI stocks, is covered in Stock Market Today, Aug. 4, 2026. The benchmark’s longer-term chart is on the S&P 500 index page.

Before the open, futures contracts tied to the Dow rose 0.3%, following Tuesday’s record closes for the S&P 500 and the Dow. The Dow held that direction through the close. The S&P 500 and the Nasdaq finished lower once the day’s earnings reactions played out in regular trading.

Several stocks moved substantially between the premarket and the close. Shopify was up 23% before the bell and finished up 17%. AMD was down 8% in the premarket and closed down 6.5%. SpaceX was down 11% in the premarket and extended the decline to close nearly 14% lower.

SpaceX Slides After Its First Report as a Public Company

SpaceX (SPCX) produced the session’s most closely watched reaction. The stock closed Monday around $114 and gained 9% on Tuesday ahead of the report. It traded 11% lower in the premarket on Wednesday, on pace to open below Monday’s level, and fell further during regular trading to close nearly 14% lower. The shares remain below their mid-June listing price.

The results themselves came in ahead of forecasts. Quarterly revenue and operating profit both beat Wall Street’s expectations. On the earnings call, CEO Elon Musk described a path to a trillion-dollar revenue year as soon as 2029, a timeline well ahead of most analysts’ projections.

The decline came as the hottest parts of the AI trade face a question that has followed them for weeks. Heavy spending on AI infrastructure may produce strong revenue growth, and the issue is whether that growth will be large enough, and profitable enough, to justify the outlays. Several of the more bullish analysts covering SpaceX say it will. The stock’s close on Wednesday reflected a more cautious reading of the report.

Supply of shares is a second factor. The stock listed in mid-June, and the market is watching for the expiration of post-IPO lockups, which would free insiders and early investors to sell shares they could not sell in the months after the listing. Expirations can sharply increase the number of shares available to trade, which adds potential sellers.

The SpaceX call also moved another stock. Musk’s comments about the company’s chip supplier sent Nvidia higher on Wednesday.

Nvidia Gains on SpaceX’s Chip Commitment

Nvidia (NVDA) rose about 3.5% to lead the Magnificent Seven. The catalyst came from SpaceX’s earnings call the night before, when Musk said SpaceX will buy only Nvidia chips for the foreseeable future to run its AI products.

Musk said SpaceX had decided to build exclusively on Nvidia because it considers the Vera Rubin architecture the best available, and he said the company values its partnership with Nvidia. Asked how much hardware SpaceX is securing to bring more AI computing capacity online over the next year, he said SpaceX expects to receive a very significant percentage of the GPUs Nvidia produces next year.

The relationship is a long one. Musk’s companies have used Nvidia hardware for years. At times he has redirected chips reserved for Tesla (TSLA) to X and xAI, both of which are now part of SpaceX. He has said his companies will remain Nvidia customers as long as Nvidia makes better chips than they can produce internally. Tesla and SpaceX plan to build a jointly owned factory to make their own AI chips.

During Wednesday’s trading, Nvidia was on track for a fifth straight daily gain. With the move, the shares were up about 17% for the year and roughly 7% below their May high.

Nvidia’s advance stood out against the rest of the chip group, which gave back part of Tuesday’s sharp rally. AMD, Sandisk, Western Digital and two semiconductor exchange-traded funds all fell on Wednesday.

AMD Falls Despite Record Sales

Advanced Micro Devices (AMD) closed 6.5% lower after reporting record quarterly sales and results that beat estimates. The stock had been down 8% in premarket trading.

Second-quarter revenue rose 50% from a year earlier to a record $11.54 billion, and adjusted earnings came to $1.66 per share. Both figures topped consensus estimates. Data center sales more than doubled. Gross margin reached 54%, up from 40% a year earlier, as the company’s product mix shifted toward higher-value AI hardware.

CEO Lisa Su said AI is driving a broad expansion in demand for computing across all of AMD’s markets. She said the company’s product portfolio and growing visibility into customer demand position it to deliver substantial revenue and earnings growth in the coming years.

AMD climbed 7% on Tuesday ahead of the release. That gain was part of a broad rally fed by growing optimism about a peace agreement between the U.S. and Iran. Wednesday’s decline gave back nearly all of that pre-report advance.

Chip stocks have had a volatile summer. Earlier pressure on the group, driven by concerns about AI spending, is covered in Stock Market Today, July 16, 2026.

Shopify Soars After a Broad Beat and Strong Outlook

Shopify (SHOP) was the Nasdaq’s top performer. The stock jumped 23% before the bell and closed 17% higher after the Ottawa-based e-commerce company reported second-quarter results ahead of expectations and guided above consensus for the current quarter.

Revenue rose 34% year over year to $3.58 billion, compared with the $3.46 billion analysts expected. Adjusted earnings of $0.42 per share topped the $0.40 estimate. Gross merchandise volume (GMV), the total value of goods sold through merchants on Shopify’s platform, rose 32% to $115.57 billion, ahead of expectations of $111.98 billion. Much of Shopify’s revenue comes from payments and services tied to the transactions its merchants process.

Shopify President Harley Finkelstein called it a “monster quarter.” He pointed to growth above 30% in GMV, revenue, gross profit and free cash flow at the same time, and he said AI is expanding what the company’s merchants can do.

The outlook was a second source of support. Shopify said it expects third-quarter revenue to grow at a percentage rate in the low thirties. The consensus forecast had been 26.9%.

Through Tuesday’s close, Shopify shares were down about 23% for the year. Wednesday’s rally recovered a large part of that loss in a single session.

Booking Holdings Beats Despite Middle East Disruption

Booking Holdings (BKNG) rose 6.5% after the online travel company’s profit, revenue and gross bookings all topped estimates. The Norwalk, Connecticut-based company, which owns Booking.com, Priceline and KAYAK as well as the restaurant reservation platform OpenTable, reported after Tuesday’s close.

Adjusted earnings were $2.54 per share, compared with the $2.41 analysts expected. Revenue rose 8% to $7.35 billion, ahead of the $7.19 billion estimate. Gross bookings, the total dollar value of travel reservations made through the company’s platforms, reached $51.0 billion, compared with expectations of $49.4 billion.

CEO Glenn Fogel said the Middle East conflict and related economic developments continue to affect travel demand. He cited direct effects as well as indirect ones, including disruption to major transit corridors in the region and higher travel costs. He described the result as near-term volatility. He said the company’s long experience shows travel demand recovers once a disruption fades, and that this resilience showed up in the second quarter.

Fogel drew a line within the business. Long-haul international travel stayed under pressure from elevated airfares and reduced airline capacity linked to the conflict. Domestic and intra-regional travel held up relatively well across many markets.

Even with Wednesday’s gain, Booking shares remained down about 3% for the year as of midday trading.

Disney Tops Profit Estimates and Signs a TikTok Deal

The Walt Disney Company (DIS) gained almost 4%, making it one of the leading Dow gainers, after fiscal third-quarter profit beat expectations and the company announced a partnership with TikTok.

Adjusted earnings came in at $2.06 per share, well above the $1.84 consensus. Revenue rose 7% to $25.25 billion, slightly below the $25.41 billion forecast, so the beat came on profit while sales fell short. All three segments grew. Experiences, which includes the parks and cruises, rose 10%. Entertainment grew 6%, and Sports rose 4%.

Disney credited international growth in Experiences, the theatrical and merchandise performance of “Toy Story 5,” and strong ESPN viewership during the NBA playoffs.

Under the TikTok partnership, creators on the platform will get access to assets from hundreds of Disney films and series, and short-form TikTok videos will appear inside the Disney+ app.

Disney previously had an agreement with OpenAI to bring AI-generated videos from the Sora app to Disney+. That deal fell apart when OpenAI shut down the costly Sora service a few months later.

The report was Disney’s second as a public company under CEO Josh D’Amaro, who succeeded Bob Iger in March.

Uber Slips as Results Overshadow Robotaxi Progress

Uber Technologies (UBER) declined more than 5% after its quarterly report. Revenue fell short of Wall Street estimates, and adjusted earnings per share beat by just 1 cent.

The results overshadowed progress on autonomous vehicles that Uber announced before the release. The company said one of its autonomous vehicle partners, Wayve, received approval to run supervised robotaxi rides in London using a fleet of electric Ford (F) Mustang vehicles. About 100,000 people have signed up as early riders. Some of them will get rides later this summer, before a full launch is announced. Under the supervised model, a safety operator remains involved in the rides.

Insulet Plunges on a Lower Omnipod Forecast

Insulet (PODD) fell 20% during the session to lead S&P 500 decliners after the medical device maker cut its full-year outlook for U.S. revenue from Omnipod, its tubeless insulin pump brand.

The Acton, Massachusetts-based company now expects fiscal 2026 U.S. Omnipod revenue to grow 17% to 19% from a year earlier, lower than its previous forecast. It expects total Omnipod revenue to rise about 20% to 22%, down from a prior range of 21% to 23%.

CEO Ashley McEvoy said the updated outlook reflects what the company is learning as it scales in type 2 diabetes. She said management’s confidence in the long-term opportunity has not changed.

The guidance cut overshadowed a quarter that beat expectations. Second-quarter profit and revenue both topped consensus estimates.

With Wednesday’s drop, Insulet shares have lost more than half their value in 2026.

Alphabet Falls After Google AI Leadership Changes

Alphabet (GOOGL) fell 3.5% during the session to lead Dow decliners after CEO Sundar Pichai announced changes to Google’s AI leadership in a blog post.

Chief Scientist Jeff Dean, a 27-year Google veteran, and Google Senior Fellow Sanjay Ghemawat are leaving. They will launch an independent public benefit corporation aimed at accelerating discoveries in machine learning, science and engineering. Google will invest in the startup.

Demis Hassabis, who has run Google DeepMind as CEO, will become the unit’s chair and will also take the title of chief scientist of Alphabet. He said he decided it was time to hand off day-to-day operations at DeepMind so he could focus on longer-term direction.

Koray Kavukcuoglu, currently DeepMind’s technology chief and Google’s chief AI architect, will become the unit’s senior vice president. He will oversee Gemini model development, frontier AI research, and the Gemini app and developer teams.

The changes come as Google has yet to release its anticipated Gemini 3.5 Pro next-generation frontier model. The company gave no update on that model during its second-quarter earnings call two weeks earlier. Hassabis said the Gemini models are in good hands with Kavukcuoglu and the existing leads, and he referred to progress on new models, including Gemini 4.

Despite Wednesday’s decline, Alphabet shares were up about 16% for the year.

Sandisk and Western Digital Fall Ahead of Their Reports

Sandisk (SNDK) and Western Digital (WDC) were scheduled to report after Wednesday’s close. Shares of each fell 5.5% during the session, after Sandisk gained 11% and Western Digital rose 4% on Tuesday.

The two stocks came into earnings well off their peaks and still near the top of the S&P 500’s 2026 leaderboard. Through Tuesday, Sandisk was 39% below its June high and Western Digital was 31% below its own, part of a broader pullback in AI-related stocks in recent weeks. For the year, Western Digital had more than tripled and Sandisk was up roughly 500%, compared with a 13% gain for the S&P 500 over the same period.

Memory and data storage makers were among the strongest stocks in the first half as AI buildouts drove demand. Industrywide shortages let Sandisk, Western Digital and others raise prices, pushing sales and profits to records. Sandisk focuses on flash memory, and Western Digital is known for hard disk drives.

The companies share a history. Western Digital acquired Sandisk in 2016 and announced plans in late 2023 to spin off the flash memory business. Sandisk returned to public markets in early 2025.

Morgan Stanley analysts recently described demand for Sandisk’s hardware as strong and durable. They noted that some data center customers are concerned demand could outpace supply for the next two years. The analysts also said they expect Western Digital to beat estimates and raise its outlook, and they said such a result could restore confidence in the hard disk drive bull case and in the broader AI infrastructure spending cycle.

Other Movers: Lilly, Pinterest, CVS and Tuesday’s Winners

Several other companies moved sharply after earnings. Eli Lilly (LLY) rose nearly 5%. Pinterest (PINS) fell nearly 9%. CVS Health (CVS) declined 5%.

Some of Tuesday’s biggest gainers gave back ground. Palantir Technologies (PLTR) slipped 2.5% after soaring nearly 30% the day before.

Two semiconductor funds also pulled back. The Roundhill Memory ETF (DRAM) fell 2.5% after jumping nearly 7.5% on Tuesday. The iShares Semiconductor ETF (SOXX) lost 2% after a gain of about 7%.

Those declines, along with AMD’s drop and the pre-earnings slide in Sandisk and Western Digital, marked a pullback in the chip and AI trade after Tuesday’s sharp one-day rally. Nvidia, which gained on SpaceX’s purchasing commitment, was the exception in the group.

Oxford Economics Sees Labor Market Break-Even Rate Falling

Outside the earnings calendar, a new analysis from Oxford Economics challenged a long-standing rule of thumb for reading the monthly jobs report. A month in which the U.S. economy loses jobs has typically been read as a warning sign for the labor market. The analysis argues that reading may not hold much longer.

The analysis centers on the break-even rate of job creation, the number of jobs the economy must add each month to keep the unemployment rate steady. That figure depends largely on how fast the labor force grows.

Oxford’s economists found that demographic trends have been pushing the break-even rate lower. They said it could drop below zero next year for the first time on record. In that case, the unemployment rate could hold steady even in months when employers add no jobs or cut some.

Matthew Martin, Oxford’s senior U.S. economist, described the labor market’s speed limit as low and falling.

Under that scenario, a weak payroll number would no longer by itself signal a weakening labor market if unemployment stays flat. Job growth would need to be read alongside the unemployment rate and labor force data. Labor data also feeds into the inflation and interest rate outlook. Historical price trends are on the U.S. inflation rate by year page.

Oil, Treasurys, the Dollar, Gold and Bitcoin

Oil was little changed as traders waited for news on a possible agreement between the U.S. and Iran to reopen the Strait of Hormuz, a key route for global oil shipments. At 4 p.m. ET, West Texas Intermediate futures, the U.S. benchmark, were down 0.8% at $75.15 a barrel. Brent crude futures, the global benchmark, edged up to $79.45.

The prospect of a U.S.-Iran deal has reached beyond oil this week. Optimism about a peace agreement helped fuel Tuesday’s broad rally, including AMD’s run-up ahead of its report. Booking Holdings’ management tied pressure on long-haul travel directly to the conflict.

The 10-year Treasury yield was little changed.

The U.S. dollar index, which measures the dollar against a basket of major currencies, slipped 0.2% to 99.71.

Gold futures jumped 3.9% to $4,315 an ounce.

Bitcoin traded around $64,800, modestly higher over 24 hours.

What Comes Next

Sandisk and Western Digital were scheduled to report results after Wednesday’s close. Both stocks fell during the session ahead of the releases, and Morgan Stanley analysts said they expect Western Digital to beat estimates and raise its outlook.

For SpaceX, the market is watching for the expiration of post-IPO lockups following the company’s mid-June listing.

Oil traders are watching for news on a possible U.S.-Iran agreement to reopen the Strait of Hormuz, the same prospect that drove Tuesday’s broad rally.