The Dow Jones Industrial Average opened modestly higher on Thursday, but the S&P 500 and Nasdaq Composite retreated as investors sold technology shares following a series of earnings reports. Honeywell Aerospace, Datadog, Sandisk and Western Digital were among the session’s early losers, while Moderna and Keurig Dr Pepper advanced.
NEW YORK, August 6, 2026 — US stock markets opened mixed on Thursday as weakness in technology shares offset gains in selected industrial, healthcare and consumer companies.
At the opening bell, the Dow Jones Industrial Average gained 77.7 points, or 0.14%, to 54,426.85. The S&P 500 declined 9.8 points, or 0.13%, to 7,713.79, while the technology-heavy Nasdaq Composite fell 94.6 points, or 0.36%, to 26,268.84.
The divergence reflected an increasingly selective market. Investors continued to support companies delivering convincing earnings and guidance, but punished businesses whose forecasts failed to justify elevated valuations.
US indices at the opening
| Index | Opening level | Opening change |
|---|---|---|
| Dow Jones Industrial Average | 54,426.85 | +0.14% |
| S&P 500 | 7,713.79 | -0.13% |
| Nasdaq Composite | 26,268.84 | -0.36% |
Opening figures are indicative and may differ from subsequent intraday levels.
The session followed a mixed Wednesday close in which the Dow reached another record but the S&P 500 and Nasdaq finished lower. Despite the recent technology pullback, the S&P 500 has gained approximately 13% since the beginning of 2026.
Technology stocks remain under pressure
Technology was again the principal weak point at the opening.
Investors reacted negatively to earnings and outlooks from several prominent software and data-storage companies. The results were not uniformly poor, but market expectations had risen substantially following the sector’s strong performance earlier in the year.
Datadog shares dropped sharply after the cloud-monitoring company issued a cautious third-quarter forecast. The company exceeded expectations for its latest quarter, but investors focused on the outlook and the sustainability of growth amid changing artificial-intelligence infrastructure spending.
Memory and storage companies also came under pressure.
Western Digital fell by double digits, despite reporting results above market forecasts. Investors were disappointed by its forward guidance and questioned whether recent demand and pricing improvements could be maintained.
Sandisk also declined sharply after issuing an outlook that failed to satisfy the market. The negative reaction spread across semiconductor and data-storage shares, adding to pressure on the Nasdaq.
The technology correction is becoming increasingly selective. Investors still recognise the long-term demand created by artificial intelligence, cloud computing and data centres, but they are paying closer attention to capital expenditure, margins and the timing of future returns.
Honeywell Aerospace sinks following results
Honeywell Aerospace was one of the largest early decliners, falling sharply after publishing disappointing results and reducing its full-year sales outlook.
The company’s decline weighed on the industrial sector and partially offset the Dow’s gains elsewhere.
The scale of the movement demonstrated the severity of the market’s response to weaker forecasts. During an earnings season in which many major US companies have exceeded expectations, businesses reducing guidance are being punished particularly heavily.
Investors will now examine whether the weaker outlook reflects company-specific execution problems or a broader slowdown in aerospace and industrial demand.
Early US stock-market losers
| Company | Early trend | Market focus |
|---|---|---|
| Honeywell Aerospace | Sharply lower | Weak results and reduced sales outlook |
| Datadog | Sharply lower | Cautious third-quarter forecast |
| Western Digital | Double-digit decline | Guidance disappointed investors |
| Sandisk | Double-digit decline | Mixed outlook despite solid results |
| HubSpot | Sharply lower | Earnings and forward expectations |
| BillionToOne | Sharply lower | Post-results selling |
Percentage changes can vary rapidly during the first hour, particularly after quarterly results. The opening auction may also produce prices that differ substantially from subsequent trading levels.
Moderna rises after US approval
Healthcare provided one of the session’s most notable positive stories.
Moderna shares gained nearly 4% after the US Food and Drug Administration approved the company’s mRNA-based influenza vaccine.
The approval represents an important commercial milestone as Moderna seeks to expand beyond its original dependence on COVID-19 vaccines. Investors have been waiting for evidence that the company’s mRNA platform can produce a broader and more durable portfolio of approved products.
The vaccine is Moderna’s fifth approved product worldwide, according to reports published before the opening.
Although the shares have rebounded strongly during 2026, they remain considerably below the levels reached during the pandemic. Future performance will depend on the vaccine’s commercial adoption, pricing, manufacturing costs and the development of Moderna’s broader pipeline.
Keurig Dr Pepper advances
Keurig Dr Pepper gained approximately 3% after reporting earnings above market expectations.
The beverage company provided a contrast with the technology sector: investors rewarded its operating performance and relatively defensive business model at a time when higher-growth shares were experiencing renewed volatility.
Consumer companies with dependable cash flow can benefit when investors reduce exposure to richly valued technology stocks. However, their outlook still depends on pricing power, input costs and the strength of household spending.
SpaceX remains volatile after post-IPO report
SpaceX shares were volatile following the company’s first report since its stock-market debut and the expiration of its initial lock-up period.
The expiry made more than 900 million shares held by early investors and employees eligible for trading. That does not mean all those shares will be sold, but the potential increase in supply can create short-term pressure.
Investors are also evaluating SpaceX’s future spending requirements. Its satellite, launch and infrastructure programmes require substantial investment, making cash flow and capital expenditure important components of the post-IPO valuation.
The stock recovered during the early session after falling heavily following the company’s report, highlighting the continuing disagreement over its appropriate market value.
Early market winners
| Company | Early trend | Principal catalyst |
|---|---|---|
| Moderna | About +4% | FDA approval for mRNA influenza vaccine |
| Keurig Dr Pepper | About +3% | Earnings exceeded expectations |
| SpaceX | Higher but volatile | Trading after lock-up expiration |
| SiTime | Strongly higher | Corporate results and outlook |
| Insmed | Strongly higher | Company-specific clinical and commercial optimism |
| Unity Software | Higher | Positive reaction to results |
The strongest percentage movements were concentrated in companies affected by earnings, regulatory decisions or other corporate developments. These shares may also experience unusually high trading volumes during the session.
Earnings remain supportive—but expectations are high
The broader earnings season continues to support US equities.
Analysts have generally revised their profit estimates higher as companies report better-than-expected quarterly figures. That has helped the S&P 500 remain close to record territory despite weakness in several major technology names.
However, the reaction to Sandisk, Western Digital and Datadog shows that exceeding past-quarter forecasts is no longer sufficient. Investors also want:
- Convincing revenue guidance.
- Sustainable profit margins.
- Evidence that artificial-intelligence spending will generate returns.
- Disciplined capital expenditure.
- Strong free cash flow.
- Clear visibility for the remainder of 2026.
This more demanding approach could improve market discipline, but it may also produce larger individual share-price movements during earnings season.
Oil and gold remain in focus
Geopolitical developments continued to influence commodity markets.
Oil prices moved higher as investors assessed negotiations involving the United States, Iran and Oman. A potential agreement could reduce tensions and improve conditions surrounding shipping through the Strait of Hormuz, but important details remain unresolved.
Brent crude traded around $80.50 per barrel, while West Texas Intermediate was near $76 during the early US session.
Gold remained supported at elevated levels near $4,300 per ounce, reflecting continuing geopolitical uncertainty and demand for defensive assets.
For US equities, energy prices have conflicting effects. Higher crude prices support oil producers but can increase transport, manufacturing and consumer costs. A durable de-escalation could therefore benefit the wider market even if it creates short-term pressure on energy shares.
Treasury yields and the Federal Reserve
The US ten-year Treasury yield traded around 4.6%, maintaining pressure on high-valuation growth stocks.
Higher bond yields reduce the present value investors assign to future corporate earnings. Technology companies whose valuations depend heavily on profits expected many years from now are particularly sensitive to this effect.
Federal Reserve officials continue to emphasise a data-dependent approach. Persistent inflation has limited expectations for near-term monetary easing, while some policymakers have indicated that further tightening cannot be excluded if price pressure intensifies.
Investors are therefore monitoring labour-market figures, inflation indicators and wage growth for evidence about the direction of interest rates.
Europe reaches a record before Wall Street opens
The weaker Nasdaq opening contrasted with another positive European session.
The STOXX Europe 600 reached an intraday record, supported by earnings-driven gains in telecommunications, media and healthcare shares. WPP and Deutsche Telekom were among Europe’s strongest performers.
At Euronext Brussels, the BEL 20 advanced approximately 0.6% around midday, led by KBC after the Belgian bank reported second-quarter net profit of €1.152 billion and raised its annual income outlook.
European semiconductor shares nevertheless followed their US and Asian counterparts lower. Melexis declined in Brussels, while ASML weighed on Amsterdam’s AEX.
What investors should watch during the session
Several factors could determine whether the market stabilises or extends its early divergence:
- Technology-sector breadth: Further declines in software, memory and semiconductor shares could deepen the Nasdaq’s losses.
- Dow resilience: Industrial, healthcare and consumer gains will need to offset Honeywell Aerospace’s decline.
- Treasury yields: A further increase in the ten-year yield could pressure growth-stock valuations.
- Middle East developments: News concerning Iran and the Strait of Hormuz could move oil, defence and transport shares.
- Post-earnings volumes: Datadog, Western Digital, Sandisk and Honeywell Aerospace are likely to remain among the most actively watched stocks.
- Market leadership: Investors will assess whether capital continues rotating away from technology and towards defensive or value-oriented sectors.
Opening market outlook
Wall Street’s mixed opening does not yet indicate a broad retreat from US equities. Instead, it shows an increasingly discriminating market in which company guidance matters as much as reported earnings.
The Dow’s modest advance suggests that investors are not abandoning risk entirely. Healthcare and consumer shares continued to attract buyers, while Moderna’s vaccine approval provided an important company-specific catalyst.
The Nasdaq’s decline, however, confirms that the technology correction is not finished. High valuations and extraordinary expectations leave little room for cautious forecasts, even when quarterly results exceed estimates.
The key question for Thursday’s session is whether bargain hunters return to technology shares or whether disappointing guidance from Datadog, Sandisk and Western Digital encourages a broader reduction in growth-stock exposure.
Market figures were observed shortly after the opening bell and may differ from subsequent prices. This article is provided for informational purposes and does not constitute investment advice.
Sources
- Reuters — S&P 500 and Nasdaq open lower as technology stocks weigh — opening index levels, technology stocks and geopolitical context.
- Reuters — US stocks could extend gains after the S&P 500 reaches a record — earnings outlook, index performance and semiconductor-sector context.
- Reuters — Global markets on August 6 — European markets, oil prices, technology shares and US futures.
- Associated Press — US markets open mixed as earnings reports arrive — market direction and movements in Moderna, Keurig Dr Pepper, Honeywell Aerospace and SpaceX.
- NYSE — Trading hours and market calendar — official US core-session and auction hours.
