Dow Sets a Record 54,349.12 as the Nasdaq Falls 0.83% and Gold Miners Rally 7.39%

S&P 500 close: 7,723.55 (-0.17%) Dow close: 54,349.12 (+0.49%, record) Sentiment: mixed

The S&P 500 closed at 7,723.55 on 5 August 2026, down 0.17%, while the Dow set a record 54,349.12, a split driven by GOOGL.US -4.03% and AMD.US -7.04% against a health care sector up 1.27%. SEDG.US fell 30.48%, the session's largest decline, after guiding third quarter revenue to $310 million to $340 million against $371 million consensus. Gold futures settled at $4,308 an ounce, up 3.74%, after progress toward reopening the Strait of Hormuz pushed crude lower and trimmed the Federal Reserve rate increases priced for this year from two to one.

What moved the index

The S&P 500 lost 17 basis points on 5 August 2026, a net figure that sits inside a 3.34 point spread between the best and worst sectors.

• Technology: down 0.53% across roughly 34% of the index, worth about -18 bps. AMD.US fell 7.04% on capital spending and near-term margins, despite record quarterly revenue of $11.5 billion and EPS of $1.66 that both beat consensus. NVDA.US rose 3.43% and clawed back part of the sector loss after SpaceX committed to building its AI infrastructure exclusively on Nvidia processors.
• Communication services: down 1.04% across roughly 10% of the index, worth about -10 bps. GOOGL.US -4.03% carried nearly all of it, on the exit of Chief Scientist Jeff Dean to found an AI startup and a 2026 capital expenditure guide of $195 billion to $205 billion.
• Energy: 3% of the index fell 2.07%, about -6 bps. WTI at $75.08, down 0.91%, with refiners leading lower, PARR.US -15.76% and DK.US -9.74%.
• Health care: up 1.27% across roughly 10% of the index, worth about +13 bps. LLY.US rose 4.86% on a second quarter beat and raised full-year revenue guidance, and AMGN.US added 4.57%.
• Materials: +1.23% on gold producers, about +2 bps against a 2% index weight.

Together these five account for about -19 bps against the -17 bps index move, so the sector split explains the session without a missing driver.

Session highlights

• 54,349.12 on the Dow, a record close, up 0.49% while the Nasdaq fell 0.83% to 26,363.44. The price-weighted index leaned on LLY.US +4.86% and AMGN.US +4.57%, its two highest-priced health care members.
• 7,791.13 was the S&P 500 high on five minute closes, above Tuesday's record close of 7,736.52, before the index gave back 68 points to finish at 7,723.55.
• GDX.US +7.39% and GLD.US +4.14% as gold futures added 3.74% to $4,308 an ounce. AEM.US +9.85%, GFI.US +9.32%, KGC.US +8.90% and AGI.US +8.73% moved together across producers.
• NVDA.US +3.43% while the semiconductor sector fell 1.04%. ALAB.US -11.96%, TSEM.US -11.85% and VSH.US -14.59% fell in the same session.
• T.US -1.37%, VZ.US -0.87% and TMUS.US -2.12% after SPCX.US set out wireless plans that avoid heavy network capital spending. SPCX.US closed down 13.61%.
• VIX at 15.81, down 4.18%, with the US 10-year at 4.62%, one basis point lower.

Sector scorecard

• Best: Health care (+1.27%)
• Worst: Energy (-2.07%)
• Dispersion (best minus worst): 3.34 pts
• Health care led at +1.27% and contained the two deepest declines outside solar, LMAT.US -25.32% and PODD.US -20.12%, against LLY.US +4.86% and CRL.US +11.36%.

Top movers

After-hours earnings

APP.US fell 19.34% after the closing bell on 5 August 2026, the largest post-close move of the session.

• APP.US closed the regular session at $417.80, down 0.45%, then traded at $337.02 after the bell on mixed second quarter results, against consensus of $3.75 EPS and $1.94 billion revenue.
• SNDK.US closed at $1,350.50, down 5.40%, then fell roughly 4% more after the bell. Fourth quarter revenue of $8.965 billion rose 372% year on year and adjusted EPS reached $39.25, but guidance for first quarter revenue of $10.3 billion to $10.8 billion sat below the $11.16 billion consensus. The company authorised a further $14 billion buyback.

Notable announcements

• LLY.US +4.86% on a second quarter earnings and revenue beat, with full-year revenue guidance raised on Zepbound and Mounjaro demand.
• DIS.US +3.65% after fiscal third quarter results came in above expectations.
• UBER.US -5.29% after revenue fell short of consensus, with adjusted EPS a cent ahead.
• DVA.US -17.24% and MDLN.US -12.79% in health care services, alongside RBA.US -13.89%, NYT.US -13.40% and TRI.US -9.66%.
• GLXY.US -13.89% and LCID.US -13.88%, the largest declines in financial services and consumer cyclicals.

Next session catalysts (ET)

• Thu 08:30: Weekly initial jobless claims and continuing claims
• Thu, before the open: MAR.US, TSN.US, CNH.US, L.US, CNA.US, KRYS.US and TGTX.US report
• Thu, after the close: a further block of second quarter reports
• Fri 08:30: July employment situation, with payrolls forecast near 120,000 after June's 57,000
• Fri: the payroll print lands two days after July ADP private payrolls came in at 44,000 against a 75,000 consensus

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