S&P 500 hits record high on Disney, Eli Lilly earnings

S&P 500 hits record high on Disney, Eli Lilly earnings

Wed, August 5, 2026 at 4:51 PM GMT+3 2 min read

The S&P 500 reached a new all-time intraday high on Wednesday, as a wave of better-than-expected corporate results and hopes for progress on reopening the Strait of Hormuz lifted investor sentiment. The Dow Jones Industrial Average also scored a fresh record, gaining 456 points, or 0.84%. The Nasdaq Composite added 0.4%.

Walt Disney Co. shares advanced more than 2% after the entertainment giant's fiscal third-quarter results topped analysts' expectations. Eli Lilly shares surged 7% after the drugmaker's second-quarter profit and sales came in ahead of what analysts had anticipated.

SpaceX stock fell more than 10% after Elon Musk's rocket company released its first quarterly report since going public in June. SpaceX reported that its capital expenditures reached $18.4 billion in the second quarter, a sixfold increase, with most of that outlay earmarked for artificial intelligence infrastructure. Advanced Micro Devices stock shed about 4.5% after the chipmaker's adjusted earnings narrowly cleared the bar analysts had set, according to CNBC. Nvidia stock rose nearly 4% after Elon Musk said SpaceX would use chips exclusively from that company, according to The Wall Street Journal.

Oil prices were little changed. West Texas Intermediate futures for September delivery hovered near $75 per barrel, and Brent crude futures for October delivery were up roughly 1% at around $80 a barrel. Treasury Secretary Scott Bessent said Tuesday that the U.S. and Iran could be closing in on a deal to reopen the Strait of Hormuz, though continued attacks on shipping and Iran's insistence on collecting fees added uncertainty.

Wednesday's gains extended a run that has pushed the S&P 500 up more than 6% over the past week, while the Dow and the Nasdaq have gained more than 5% and more than 9%, respectively. On Tuesday, the S&P 500 closed above 7,700 for the first time and the Dow jumped more than 900 points.

A private-sector jobs report provided one note of caution. The ADP report for July put private-sector job creation at 44,000, falling short of both the 75,000 consensus estimate from Dow Jones and the 95,000 figure posted in June, according to CNBC. Markets did not appear to react to the data.