Dow Extends Rally, SpaceX Stock Slumps as AI Spending Rattles Investors -- WSJ

By WSJ Staff

Stocks are climbing, indicating that this week's rally may still have more room to run.

Bucking that positive trend: SpaceX and AMD. Elon Musk's rocket company beat Wall Street expectations last night but disclosed huge AI investments that rattled investors. Its shares are down more than 10%.

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

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 09:42 ET (13:42 GMT)