U.S. equities are hovering near record territory, but sharp post-earnings swings are creating a divided market. Shopify, Eli Lilly and Disney lead the gainers, while AMD, SpaceX and Uber come under pressure.
NEW YORK, August 5, 2026 — U.S. stock markets were set for a moderately positive start on Wednesday as encouraging corporate results and hopes of progress in Middle East negotiations offset renewed weakness in several highly valued technology stocks.
Futures linked to the S&P 500 and Dow Jones Industrial Average traded higher before the opening bell. The technology-heavy Nasdaq was more hesitant, held back by losses in AMD and SpaceX following their quarterly announcements.
The cautious gains follow record closing levels for both the Dow and S&P 500 in the previous session. Investors are now assessing whether strong company earnings can continue to support valuations while Treasury yields remain elevated and expectations for Federal Reserve policy shift rapidly.
Market snapshot
| Market indicator | Early trend |
|---|---|
| S&P 500 futures | Higher |
| Dow Jones futures | Higher |
| Nasdaq 100 futures | Mixed to slightly lower |
| U.S. 10-year Treasury yield | Around 4.61% |
| Brent crude oil | Around $80 a barrel |
| Gold | Higher |
Figures represent early-session or premarket indications and can change rapidly after the opening bell.
Biggest gainers
Shopify surged by more than 20% in U.S. premarket trading after the Canadian e-commerce group reported a 34% increase in quarterly revenue and issued an upbeat forecast. The company expects third-quarter revenue growth in the low-30% range, significantly above analysts’ previous expectations.
The sharp move made Shopify one of the most actively traded shares before the bell. Its results also pushed Canada’s S&P/TSX Composite to a record high at the opening. Reuters
Arista Networks gained approximately 11% after the networking-equipment specialist delivered better-than-expected results and a strong revenue outlook. The company continues to benefit from spending on data centres and artificial-intelligence infrastructure.
Eli Lilly advanced about 5.5% after raising its annual revenue forecast. Demand remained strong for diabetes treatment Mounjaro and obesity drug Zepbound, reinforcing expectations that weight-loss medicines will remain a major source of pharmaceutical-sector growth. Reuters
Disney rose roughly 3.5% as adjusted earnings exceeded expectations. Investors welcomed improvements in the streaming business, while the group also announced a content-sharing agreement involving TikTok. Reuters
Nvidia gained around 1.5%, supported by reports that SpaceX intends to use Nvidia hardware for future data-centre projects. The advance helped limit the broader pressure affecting semiconductor shares.
Biggest losers
SpaceX dropped more than 10% despite reporting robust revenue growth in its first quarterly results since becoming publicly traded. Investors focused instead on the company’s heavy capital expenditure, cash consumption and plans to invest in artificial-intelligence infrastructure.
The expiration of post-IPO lock-up restrictions added further selling pressure by making additional shares eligible for sale. Reuters
AMD fell approximately 8.6% after its quarterly update failed to match the market’s elevated expectations. The chipmaker delivered strong revenue growth and an upbeat forecast, but its shares had already climbed around 142% since the beginning of the year.
That exceptional rally left AMD vulnerable to profit-taking. Its decline also weighed on Intel, Micron and other semiconductor names. Reuters
Uber lost around 3.6% after issuing an earnings outlook that disappointed investors. The reaction illustrates the increasingly high threshold facing growth companies whose valuations already assume sustained expansion.
Stocks attracting heavy volume
Early trading activity was concentrated in companies reporting earnings or issuing new guidance:
- Shopify: exceptionally strong turnover following its revenue forecast and double-digit share-price surge.
- AMD: heavy selling volume as traders reassessed its valuation after earnings.
- SpaceX: active trading linked to its results, spending plans and lock-up expiration.
- Nvidia: elevated interest following the reported SpaceX data-centre order.
- Eli Lilly: strong buying activity after the pharmaceutical company raised its outlook.
- Disney: above-average turnover following earnings and the TikTok announcement.
- Uber: active on the downside after its guidance disappointed.
These are early-session volume leaders rather than final daily rankings. Complete volume figures will only be meaningful once regular trading is well underway.
Oil retreats, but geopolitical risks remain
Lower oil prices provided some support to equities, particularly transport and consumer-sensitive companies. Brent crude traded close to $80 a barrel as investors monitored negotiations concerning the Middle East and the gradual recovery of shipping traffic through the Strait of Hormuz.
However, reports of an attack on a Saudi tanker underlined the risk of renewed volatility. Any disruption to oil supply could revive inflation concerns and place upward pressure on bond yields.
Gold gained more than 2%, helped by geopolitical uncertainty and a modest decline in Treasury yields. Reuters
Federal Reserve expectations remain unstable
The U.S. 10-year Treasury yield eased to approximately 4.61%. Interest-rate markets assigned a roughly 58% probability to a Federal Reserve rate increase in September, down from about 67% previously.
Recent data showed weaker-than-expected employment growth and a decline in job openings, although hiring improved. Investors will closely examine the next labour-market releases for evidence that economic activity is cooling—or that inflationary pressure remains too persistent for the Federal Reserve.
Outlook for the session
Wall Street’s underlying tone remains constructive, supported by resilient earnings and continued investment in artificial intelligence. Market breadth, however, could prove less convincing than the headline indices suggest.
The diverging reactions to Shopify, AMD and SpaceX demonstrate that investors are rewarding companies that exceed ambitious forecasts while punishing those that merely meet them. With the S&P 500 and Dow close to record levels, guidance and valuation are becoming just as important as reported profits.
Technology shares, oil prices and Treasury yields are therefore likely to determine whether the early gains can be sustained through the remainder of Wednesday’s session. Reuters market preview
Market information updated on August 5, 2026. Premarket percentages are indicative and may differ from prices recorded after the opening bell. This article is for informational purposes and does not constitute investment advice.
