Dow closes at record on Mideast optimism; SpaceX, AMD drag Nasdaq
By Chuck Mikolajczak and Johann M Cherian
Wed August 5, 2026
After four straight days of big gains, a couple of disappointing Q2 AI reports, namely from SpaceX and AMD, brought both tech indexes down but progress in the peace talks concerning a deal between Oman and Iran brought oil down and shot the Dow up to yet another record. SpaceX and AMD actually had reasonably good reports with SpaceX actually doubling revenues. But their expenses were still more than their revenues raising the old doubts that these massive AI investments will pay off.
Payrolls have come down which is good news for inflation, good enough news today that the odds of a September rate hike have also come down to 54.9% vs 58.3% a week ago. The labor market remains stable but the real tale will be told in this Friday’s government payrolls report. Volume came in just a nudge above the 17.34 average, closing at 17.85 billion shares traded.
DJ: 54,085.88 +907.47 NAS: 26,584.99
+671.10 S&P: 7,736.52 +136.02 8/4
DJ: 54,349.12 +263.24 NAS: 26,363.44
-221.55 S&P: 7,723.55
-12.97 8/5
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