SpaceX Stock Slides After Earnings -- WSJ

Stock futures are drifting higher, indicating that this week's rally may still have more room to run.

Bucking that positive trend: SpaceX and AMD, both of which reported earnings after the close yesterday. Elon Musk's rocket company beat Wall Street expectations but disclosed huge AI investments that may have rattled investors. Its shares have slumped premarket.

Despite record sales, AMD shares also fell ahead of the bell, after Musk said SpaceX would exclusively use chips from its rival Nvidia.

Earnings season rolls on today with results due this morning from Disney, Eli Lilly and others.

Oil prices are edging up. Mideast mediators are working on a temporary fix for the Strait of Hormuz. The U.S. has indicated that a deal might be near, though continued attacks on shipping and Iran's insistence on collecting fees cast uncertainty.

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(END) Dow Jones Newswires

August 05, 2026 06:10 ET (10:10 GMT)