SpaceX, Alphabet, Nvidia, Micron, AMD, Uber, CVS, Lilly, and More Stocks That Explain Today's Market -- Barrons.com

By George Glover, Kit Norton, and Connor Smith

The Dow rose Wednesday and notched another record. Big tech stocks took a breather after leading Tuesday's rally.

SpaceX dropped 14% after Elon Musk's rockets, telecom, and artificial-intelligence company beat analysts' second-quarter earnings targets -- but reported higher capital expenditures than Wall Street was expecting.

Advanced Micro Devices fell 7%. The selloff came after Musk said SpaceX would exclusively use Nvidia chips, which overshadowed AMD's second-quarter results. Intel gained 0.2%.

Nvidia added 3.4% following Musk's comments, but other AI-related stocks fell. Micron ended the day flat. It initially jumped after Musk discussed memory demand. The SpaceX CEO said memory demand is increasing by 200% a year, which is excellent news for Micron.

Verizon Communications, AT&T, and T-Mobile all traded lower. SpaceX said it planned to launch a mobile offering in 2027. SpaceX can use its Starlink space-based broadband product to offer service. The technical details weren't discussed.

Sandisk declined 5.4%. The storage and memory maker is scheduled to post fiscal fourth-quarter financials after the closing bell. Wall Street expects Sandisk to report adjusted earnings of $34.96 per share on revenue of $8.48 billion.

Alphabet dropped 4% on news that Jeff Dean, who has led much of Google's AI research for the past 15 years, is leaving the company. Dean is kickstarting a new company called Discovery Loop, aimed at automating science and engineering research.

Shopify surged 17% after the e-commerce platform posted strong second-quarter earnings and robust quarterly guidance, helping to dispel concerns of AI disruption.

Flutter Entertainment dropped 12%. The FanDuel parent reported mixed results and reduced full-year guidance, along with the resignation of longtime CEO Peter Jackson.

Arista Networks advanced 3.6% after the network infrastructure company reported stellar second-quarter earnings that underlined how the AI boom is boosting demand for its products.

Walt Disney gained 3.7%. The entertainment company's third-quarter earnings beat expectations on the back of strong box-office performances from Toy Story 5 and The Devil Wears Prada 2.

CVS Health fell 5.1% after the healthcare giant raised full-year guidance on the back of second-quarter earnings that handily beat analysts' projections.

Eli Lilly advanced 4.9% after the world's largest drugmaker posted a blockbuster second quarter fueled by continued demand for its portfolio of weight-loss medications. Lilly also hiked its full-year revenue outlook on the back of its latest results.

Insulet dropped 20% and was the worst-performing stock in the S&P 500. Although second-quarter earnings beat expectations, the company cut its annual revenue outlook to grow between 20% and 22%, down from a previous range of 21% to 23%.

Uber Technologies declined 5.3% after the ride-hailing company's quarterly guidance and mostly in-line second-quarter earnings failed to impress Wall Street.

Booking advanced 6.6% after the online travel agency beat analysts' second-quarter earnings forecast, as travel demand remained resilient despite the Iran war.

SolarEdge dropped 30% after the residential solar equipment company issued third-quarter guidance that missed Wall Street forecasts.

Write to George Glover at george.glover@dowjones.com and Kit Norton at kit.norton@barrons.com

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August 05, 2026 17:04 ET (21:04 GMT)