The S&P 500 and Dow Jones Industrial Average reached all-time highs on August 4-5, 2026, driven by optimism over potential progress on reopening the Strait of Hormuz and strong corporate earnings. The Nasdaq lagged as SpaceX and AMD shares fell despite positive earnings reports.
Uber Technologies shares dropped sharply after the company issued third-quarter earnings guidance below analyst expectations while announcing plans to invest over $10 billion in robotaxi expansion. The weak outlook comes amid uncertainty over its partnership with Waymo, though Uber maintains the Alphabet unit remains an important partner.
Novo Nordisk reported quarterly results that beat expectations and raised guidance, but shares fell as investors remained concerned about the company's path to sustainable growth amid increasing competition in the obesity drug market.
