Dow Jumps 250 to New Record
August 05,2026 4:37 PM EST
The Dow Jones Industrial Average rose to a fresh all-time high on Wednesday, powered by strong earnings and an advance in Nvidia shares.
The 30-stock index shot higher 263.24 points, to 54,349.12, improving on Tuesday’s record, and its fifth straight positive day.
The S&P 500 scaled back 12.97 points to 7,723.55.
The NASDAQ Composite dropped 221.55 points to 26,363.44
Wednesday’s new record highs were supported by Dow member Disney, which rose more than 2% on better-than-expected earnings for its fiscal third quarter, as well as Eli Lilly. Shares of the pharmaceutical giant also moved higher by 2% after its second-quarter earnings and revenue surpassed estimates.
Dow member Nvidia shares popped more than 3% after Elon Musk said that SpaceX would only use Nvidia processors when building its artificial intelligence computing infrastructure in the future.
In SpaceX’s earnings call, he said Nvidia has “the best AI computer,” before adding, “We’re exclusive to Nvidia.”
SpaceX shares dropped more than 13%, however, after the rocket company released its first quarterly report since going public in June. The company said its capital expenditures jumped sixfold to $18.4 billion in the second quarter. This figure was ahead of analyst expectations, with the majority of the spending going toward AI.
Chip giant Advanced Micro Devices and “Magnificent Seven” member Alphabet struggled. The former fell 7% after the company posted adjusted earnings that only came in slightly ahead of the Street’s estimates.
The latter slipped 4% after the company said it’s reshuffling its AI divisions and that chief scientist Jeff Dean is leaving the company after 27 years.
Prices for the 10-year Treasury hiked, lowering yields to 4.61% from Tuesday’s 4.63%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 67 cents to $75.10 U.S. a barrel.
Gold prices spiked $155.10 to $4,307.700 U.S. an ounce.
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