Market Minute ⏱️ 8/5/26: After $3.5 TLN Rally, Tech Rests

Mike Larson | Editor-in-Chief

Stocks rocketed higher the last two days, but they’re taking a modest breather so far this morning. Crude oil, gold, and silver are all rising, though, while Treasuries and the dollar are mostly flat. Bitcoin is (still) stuck in the mid-$60,000s.

Call it the $3.5 trillion comeback! After a weeks-long slide in technology stocks, the Nasdaq 100 surged more than 9% in four trading days. That was the biggest jump since last April, when stocks rallied back following the “Liberation Day” tariff announcements.

Individual names like Palantir Technologies Inc. (PLTR) and Sandisk Corp. (SNDK) rocketed as much as 32% and 41%, respectively. Analysts attribute the gains to a combination of bargain-hunting amid improved valuations and the end of forced selling.

SpaceX (SPCX) just dropped its first post-IPO earnings report – and investors dumped the stock in response. While its per-share loss of nine cents and revenue of $7.8 billion came in better than expected, capital expenditures surged to $18.4 billion in the second quarter. Another fly in the ointment: The company reported 12 million total subscribers for its Starlink satellite Internet service, below estimates for 12.19 million.

Like other Big Tech names, SpaceX is spending aggressively on AI infrastructure. The company merged its SpaceX and xAI businesses ahead of its share offering. Plus, it bought the AI coding company Cursor for $60 billion. SpaceX stock sank 11% in early trading.

On the flip side, Walt Disney Co. (DIS) shares rose after the theme park and entertainment giant beat adjusted EPS estimates by 20 cents. Higher attendance and spending at its parks, plus an 11% rise in Disney Cruise Line revenue, boosted the bottom line.

New CEO Josh D’Amaro also reiterated the firm’s intention to buy back as much as $9 billion of its own stock, partially funded by Disney’s divestiture of its 50% stake in A+E Global Media. Disney stock rose 4% in early trading after entering the session down 13.7% year-to-date.

Ados & Mahaney: Why SpaceX is Such a Compelling Long-Term Play

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