US Stocks Climb to New Highs as S&P 500 Hits Record Level
On Wednesday, August 5, 2026, the US stock market saw continued gains with the S&P 500 reaching a new record high. The broad market index rose by 0.6%, supported by strong corporate earnings and growing hopes for the reopening of the Strait of Hormuz.
The Nasdaq index climbed 0.4%, while the Dow Jones Industrial Average added 365 points, or 0.7%, also marking a record closing level. These key indexes are on track to log their best five-day run since April 2025. The market momentum built on the previous session’s jump when the S&P 500 closed above 7700 points for the first time. The Dow advanced over 900 points, securing another closing peak. Over the last week, the S&P 500 gained more than 6%, with the Dow and Nasdaq rising over 5% and 9%, respectively.
Strong quarterly results from major companies reinforced the market rise. Shares of Disney, a Dow component, increased by over 2% after it beat third-quarter earnings expectations. Pharmaceutical giant Eli Lilly saw its stock jump 7%, following better-than-expected profits and sales for the second quarter.
So far, more than 84% of S&P 500 companies have reported earnings above analyst forecasts, according to FactSet data. This robust earnings season has helped investors overlook a weaker-than-expected ADP employment report for July. The report showed a private-sector job increase of 44,000, below June’s 95,000 and analyst estimates.
Oil prices steadied on Wednesday after falling the previous day when the US Treasury Secretary Scott Bessant suggested a potential agreement with Iran to reopen the Strait of Hormuz. West Texas Intermediate crude futures for September delivery held near $75 per barrel. Brent crude futures for October delivery rose about 1% to around $80 per barrel.
Not all tech stocks followed the rally. Shares of Advanced Micro Devices slipped 4% despite slightly surpassing Wall Street’s adjusted earnings estimates. SpaceX stock plunged 12% after the company released its first quarterly report since going public in June. SpaceX’s capital spending surged sixfold to $18.4 billion in the second quarter, mostly directed at artificial intelligence initiatives.
Elon Musk also said during Nvidia’s earnings call that SpaceX will rely exclusively on Nvidia’s processors for its AI computing infrastructure going forward. He praised Nvidia’s hardware as the “best AI computer,” underlining the close partnership.
Investor focus remains on corporate earnings, geopolitical developments, and economic indicators as markets strive to sustain their recent gains. The positive earnings surprises and hopes for stability in oil shipping routes have so far kept sentiment upbeat.
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