Today's Markets in 5 Minutes (2026.08.05)

The S&P 500 sits at a record high even as July private payrolls came in soft and two Fed officials floated raising rates to fight inflation. Earnings season dominated the tape: AI-capex spending sank AMD and SpaceX, while Eli Lilly, Disney, CVS and Uber reported. Oil and gold traded on Middle East headlines around a possible U.S.-Iran/Hormuz deal.

1. Jobs miss (ADP +44K) as Kashkari, Schmid float higher rates

Screenshot of Private companies added just 44,000 workers in July, below e
Source: Private companies added just 44,000 workers in July, below e (click for the original)

ADP reported private companies added just 44,000 workers in July, below expectations and, per MarketWatch, the fewest new jobs in six months.

Minneapolis Fed's Kashkari said 'now is the time to start slowly moving' rates up, and Kansas City Fed's Schmid said he favors higher rates to bring down inflation. Separately, CNBC reported mortgage rates hit their highest level in over a year, pushing demand below year-ago levels.

A softening labor signal alongside officials openly favoring rate hikes is an unusual combination; watch whether more of the FOMC echoes the hike stance and how the bond market and mortgage demand respond.

2. AMD -8%, SpaceX -12% as AI capex spooks chip and tech investors

Screenshot of AMD sinks 8% in premarket trading despite beating expectatio
Source: AMD sinks 8% in premarket trading despite beating expectatio (click for the original)

AMD sank about 8% in premarket trading despite beating expectations, with Bloomberg citing a disappointing sales outlook after an AI-fueled rally. SpaceX dived roughly 12% after an AI spending surge rattled investors; Investor's Business Daily noted SpaceX and Tesla shared a capex-spending theme.

On the demand side, Amazon's AWS CEO said AI compute supply is mostly 'spoken for' through 2028, and Shopify and Dynatrace both jumped after topping quarterly estimates. Elon Musk also weighed in on memory-chip stock concerns.

Beats are being punished where forward capex or guidance underwhelms, showing a high bar for AI names. Watch capital-spending guidance and whether 'supply spoken for' commentary supports data-center chip demand.

3. Earnings: Lilly +48% revenue, Disney beats on parks, CVS hikes guidance; Novo -5%

Screenshot of Eli Lilly easily tops quarterly estimates, raises outlook as
Source: Eli Lilly easily tops quarterly estimates, raises outlook as (click for the original)

Eli Lilly topped estimates and raised its outlook as Zepbound and Mounjaro sales surged, with MarketWatch reporting revenue soared 48% on GLP-1 demand. Novo Nordisk fell about 5% as its CEO defended the economics of the Wegovy pill while lower prices weighed on sales.

Disney topped earnings estimates as parks and streaming provided a boost, citing 'Toy Story 5'; NYT contrasted its strong parks results with Universal's gloomy outlook. CVS blew past estimates and hiked guidance on an improving insurance unit, while Uber narrowly beat profit forecasts on surging trips but issued weaker-than-expected Q3 bookings and earnings guidance.

GLP-1 economics are diverging between Lilly and Novo, and forward guidance is again the swing factor (Uber, Novo). Watch drug pricing pressure and whether consumer-facing units (parks, insurance, mobility) hold up.

4. Oil and gold trade on Hormuz deal hopes and Houthi tanker strike

Screenshot of Oil prices move higher after Yemen's Iran-backed Houthis cla
Source: Oil prices move higher after Yemen's Iran-backed Houthis cla (click for the original)

Oil prices moved higher after Yemen's Iran-backed Houthis claimed a strike on a Saudi tanker. Gold prices held steady as markets awaited news on a Hormuz deal, and stock futures climbed amid hopes of a U.S.-Iran deal.

Glencore reported that its energy-trading profits soared on the Iran war, underscoring how the conflict is filtering into commodity-trading results.

Energy and gold are hostage to headline risk around a possible U.S.-Iran/Hormuz agreement. Watch for confirmation of any deal versus further tanker incidents, and the read-through to inflation.

5. S&P 500 at record: Burry warns of 1987-style fall, Citadel's best month

Screenshot of The S&P 500 just hit a new high. 'Big Short' investor Michae
Source: The S&P 500 just hit a new high. 'Big Short' investor Michae (click for the original)

The S&P 500 hit a new high, and 'Big Short' investor Michael Burry said it could bring a 1987-style fall, per MarketWatch and Seeking Alpha. Ken Griffin's Citadel posted its best month in years after scooping up 'Situational Awareness' stocks, with its flagship reportedly up 6%.

Amid the record run, MarketWatch reported the 60/40 portfolio's obituary is proving premature, and the Saudi wealth fund and Jared Kushner's Affinity finalized a $55 billion EA Sports deal.

A record index coincides with a prominent bear call and standout hedge-fund gains—signals point in opposite directions. Watch breadth, positioning in AI-linked 'situational awareness' names, and whether soft data shifts the tone.

Disclaimer: This content is for informational purposes only and is not investment advice. Investment decisions are your own responsibility.
This digest summarizes the past 24 hours of news from public RSS feeds. See the linked sources for details.

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