Mixed Market Day: Eli Lilly Soars as AMD Struggles Amid Valuation Concerns

The stock market was mixed on August 5th, with some sectors performing better than others.

The Dow Jones Industrial Average (^DJI) rose 0.80% to a new record high of 54,521, while the S&P 500 (^GSPC) climbed 0.03% to 7,738. However, the Nasdaq Composite (^IXIC) fell 0.26% to 26,517.

Eli Lilly shares surged after the company provided upbeat guidance, and healthcare stocks overall were up. On the other hand, industrials, energy, and utility stocks declined.

Advanced Micro Devices (AMD) stock dropped over 6%, despite beating earnings expectations, due to concerns about high capital expenditures affecting its valuation. Similarly, Space Exploration Technologies fell almost 9% after its first public earnings report yesterday, while Uber Technologies also dropped following disappointing quarterly results.

However, Shopify soared 17% on robust earnings, and artificial intelligence bellwether Nvidia gained after SpaceX CEO Elon Musk announced that the company would use only Nvidia chips. As a result, AMD's competitor Nvidia gained further at AMD's expense.