US Stocks Mixed as Dow Hits Record High Nasdaq Declines Sharply
The US stock market saw a mixed session on August 5, 2026, with the Dow Jones Industrial Average (DJIA) hitting another record high before correcting, while the S&P 500 and Nasdaq Composite declined. The DJIA reached a new all-time high of 54,744.33 before closing at 54,349.12, up 263.24 points or 0.5%. The S&P 500 fell 12.97 points or 0.17% to 7,723.55, and the Nasdaq dropped 221.55 points or 0.83% to 26,363.44, marking the worst performance among the major indices.
Tech stocks led the declines, with Alphabet Inc plunging over 4%, and Chevron, Amazon, and Microsoft slipping by 1% to over 2%. SpaceX also experienced a sharp drop of nearly 14% due to concerns over rising capital expenditures, while Nvidia gained 3.4% following positive comments from Elon Musk about its AI infrastructure.
Investors are closely monitoring earnings reports from major companies like ConocoPhillips, Airbnb, and Warner Bros. Discovery, which are expected to influence market sentiment. Additionally, the expiration of SpaceX's insider lock-up shares on August 6 is anticipated to drive further volatility, with reports suggesting up to 911.5 million shares could be offloaded.
The upcoming US nonfarm payroll data on Friday will also be a key focus, as it could provide clarity on the Federal Reserve's September policy rate decision. Analysts at Charles Schwab noted that investors are watching for signs of labor market tightness, which could impact the Fed's inflation-fighting credibility.