Records Hold as AMD, SpaceX Fall After the Bell

Wall Street starts Wednesday at record highs, but the earnings tape has turned into a stress test. Tuesday delivered exactly the follow-through we flagged in yesterday's morning analysis: the S&P 500 climbed 1.79 percent to a record 7,736.52, the Dow surged past 54,000, and the Nasdaq Composite jumped about 2.6 percent, powered by a roughly 30 percent Palantir blowout and a broad semiconductor surge. Then the after-hours session flipped the mood: both marquee reports, AMD and SpaceX, beat on revenue yet slid sharply in extended trading. Futures are still edging higher this morning, up around 0.3 percent, as the market decides whether the record rally can absorb two high-profile stumbles. This is the morning scorecard, not an instruction to act on any asset.

Records Close, Then a Twist

The regular session was as strong as it gets. The S&P 500 rose 1.79 percent to a record 7,736.52, its first close above 7,700, the Dow gained more than 900 points to clear 54,000 for the first time, and the Nasdaq Composite jumped about 2.6 percent. The standout was Palantir, up roughly 30 percent after a blowout quarter, while the semiconductor complex rallied broadly with Intel, Micron and Nvidia leading a jump in the Philadelphia Semiconductor Index. Lower oil kept the near-term inflation worry contained, and buyers ran with it. This morning, S&P 500 and Dow futures are up around 0.3 percent, suggesting the market wants to build on the move even after the after-hours wobble.

AMD Sinks Despite a Beat

The chip sector's after-hours reaction was the first crack. AMD reported adjusted earnings of about 1.66 dollars a share on revenue near 11.54 billion dollars, ahead of the roughly 11.3 billion Wall Street expected, yet the stock fell about 8 percent in extended trading. The problem was expectations, not the numbers: options pricing had implied a swing of around 12 percent, and after a strong run into the print alongside the Anthropic supply deal, a solid-but-not-spectacular result left little room for upside. Investors focused on the pace of MI350 AI-accelerator shipments and margins rather than the headline beat. The reaction is a reminder that in a market at record highs, the bar for AI names has climbed as fast as the indexes, and a beat is no longer automatically enough.

SpaceX's Debut Beats, Then Slips on Capex

The most anticipated release was a debut, and it cut both ways. In its first earnings report as a public company, SpaceX posted revenue of about 7.81 billion dollars, well above the roughly 6.93 billion expected, driven by strong Starlink growth. But the stock fell about 7 percent after hours as investors fixated on the other side of the ledger: capital expenditure climbed to roughly 18.4 billion dollars in the quarter, far above forecasts, reflecting heavy spending on AI infrastructure and Starship. The report frames the central tension for the newest megacap listing: rapid top-line growth against an enormous investment bill whose payoff sits further out. The timing sharpens it too, with an August 6 lock-up expiration due to free a large tranche of insider and employee shares just one day from now. Track the schedule on our economic calendar.

Oil Settles Lower and Gold Steadies

Commodities keep repricing the geopolitics. West Texas Intermediate settled near 75.77 dollars after falling roughly 6 percent on Tuesday, as reports of an imminent deal to reopen the Strait of Hormuz drained the supply-risk premium that had built through late July. With Qatar preparing an interim proposal and both Washington and Tehran signaling progress, crude is trading close to its lowest levels in weeks. Gold is steadying near 4,096 dollars, up about 0.4 percent, as the safe-haven bid stays measured while investors weigh whether the de-escalation lowers the odds of near-term Federal Reserve rate moves. The metal remains historically elevated, and Friday's July jobs report is the next macro catalyst that could revive or trim the bid. For now, both are consolidating around the new, calmer geopolitical baseline.

Crypto Holds and What to Watch

Digital assets are quiet and modestly firmer. Bitcoin trades near 63,980 dollars, roughly flat and holding close to 64,000 as the risk rally paused, while Ether has firmed about 0.9 percent to near 1,865 dollars, edging back toward 1,870 and outpacing Bitcoin on the day. Live levels and ETF-flow data sit on the ThriveInMarkets homepage. Three things frame the session, none a prediction or an instruction to trade. First, whether the record indexes can shrug off the AMD and SpaceX after-hours slides or whether the AI names cool the broader tape. Second, the August 6 SpaceX lock-up, which lands tomorrow and could add supply to the newest megacap listing. Third, the run-in to Friday's July jobs report, the week's biggest macro catalyst for the rate outlook. Follow the play-by-play on Market Insights.

ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. The S&P 500 figure is the Tuesday, August 4 record cash-session close with ES futures noted as overnight; crypto and gold figures are live prints as of 08:00 UTC Wednesday, August 5, and the WTI figure is the August 4 settlement. Earnings dates, lock-up dates and times are scheduled events subject to change. Levels and scenarios cited are technical reference points, not instructions to buy or sell any asset.