Wall Street Stocks Reach New Records Amid Global Market Gains

Stocks on Wall Street continued their upward trend on August 5, with major indices reaching new records. The S&P 500 rose 0.6%, adding to its previous record set a day earlier. The Dow Jones Industrial Average surged 381 points, while the Nasdaq composite gained 0.4%. A strong showing by Disney after reporting better-than-expected earnings helped drive the gains, with the company's stock rising 3.4% in premarket trading.

The news from Disney was not the only bright spot for investors, as Chipotle Mexican Grill's shares also rose following its removal of jalapeños from some restaurants due to concerns about a potential salmonella outbreak.

However, SpaceX's stock sank more than 10% after reporting a surge in spending on artificial intelligence, with capital expenditures reaching $18.4 billion. The news came as President Donald Trump announced that a deal to reopen the Strait of Hormuz could be reached as early as Wednesday, which helped boost oil prices.

Oil prices, meanwhile, edged higher, with Brent crude rising 1% to just over $80 a barrel. European and Asian markets also saw gains, with benchmarks jumping more than 3% in Tokyo and Seoul as shares in computer chipmakers and AI-related companies advanced.