Stock Market Today: Nasdaq Falls After Morning Rally, SpaceX Slumps -- WSJ

Stocks lost some steam around midday after a morning rally, with the Nasdaq Composite now retreating. The Dow industrials advanced.

SpaceX and Advanced Micro Devices were both in negative territory. Elon Musk's rocket company beat Wall Street expectations last night but rattled investors by disclosing plans for massive AI spending. Its shares are down around 10%.

Despite reporting record sales, AMD shares fell after Musk said SpaceX would exclusively use chips from rival Nvidia, whose stock gained.

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

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August 05, 2026 15:03 ET (19:03 GMT)