Dow Closes Above 54,000 for the FIRST TIME | Oil Crashes 5%, AMD Crushed After Hours
The Dow closed above 54,000 for the first time in history. Oil crashed more than 5%. And AMD beat earnings — then got destroyed after the bell.
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Wednesday, August 5, 2026 recap:
⛽ Brent crude settled down 5.3% near $79, WTI down 5.7%, after Treasury Secretary Scott Bessent said a U.S.–Iran deal to reopen the Strait of Hormuz could land within days.
📉 The 10-year Treasury yield fell 6 basis points to 4.62%. September Fed rate hike odds slid to roughly 57% from 67%.
📈 The S&P 500 closed up 1.79% at 7,736 — its first record in two months. The Dow added 907 points. The Nasdaq rose 2.59%.
🚀 Palantir surged about 29% on 93% revenue growth and its biggest guidance raise ever. Caterpillar rose roughly 5.6% on its first $20 billion quarter and a record backlog.
⚠️ AMD finished up 7%, then dropped nearly 9% after hours. Record revenue, strong guidance — but a 54% gross margin missed the 56% Wall Street demanded. Up 140% on the year, a beat wasn't enough.
🛰️ SpaceX's debut report: revenue up 92%, capex up more than sixfold to $18.4 billion on AI. Shares closed up over 9%, then fell about 8% after hours ahead of Thursday's lockup expiration.
🥇 Gold traded near $4,160, up roughly 2% for a third straight session. Silver pushed past $61.
₿ Bitcoin held near $64,000, up under 1%, still about 49% below its October peak. Ether is the only major down on the week. Capital is chasing AI equities, not digital assets.
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⚠️ DISCLAIMER: I'm not a licensed financial advisor. This is for educational purposes only and not financial or investment advice. Markets and crypto are volatile — never invest more than you can afford to lose, and always do your own research.
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