Y'all Street Daily
Nvidia jumped more than 3% on an exclusive SpaceX chip deal, but a broad slip in the S&P 500 and Nasdaq showed the record-setting Dow leaving the rest of the market behind.
Market Snapshot
All figures are indicative levels as of the August 5 close.
The tape split cleanly yesterday, with the Dow closing at a fresh record while the S&P 500 and Nasdaq both drifted lower.
Gold and silver each jumped more than 3%, oil climbed back above $82, and the dollar and the VIX barely moved.
That mix points to a quiet rotation into hard assets rather than any broad risk-off scramble.
NVIDIA led the tape, up around 3.4%, after Elon Musk said SpaceX would buy its chips exclusively for its AI infrastructure.
DoorDash rose around 2.4% on a strong second-quarter print and upbeat guidance, while Disney gained around 3.7% on its own results.
Main Story
The Dow's record run kept going even as the rest of the market took a breather.
The Dow added around 263 points to a record 54,349, up about 0.5%, while the S&P 500 slipped 0.2% to 7,723 and the Nasdaq fell 0.8%.
The mainstream read is that solid corporate earnings are rewarding value and old-economy names while investors trim their most expensive megacap tech positions.
What the market might be missing is whether the simultaneous bid into gold, silver, and oil is a durable rotation into hard assets or just a geopolitical hedge that fades if the Hormuz talks make progress.
Chart of the Day
NVIDIA was the single stock everyone watched, closing up around 3.4% near $219 after Elon Musk said SpaceX would source its chips exclusively for AI infrastructure.
The stock has climbed hard off its July 29 low around $190, clearing the low-$210s on its way to a fresh push higher.
The line to watch now is whether it can hold above that old ceiling around $212, which would flip from resistance into the first real support on any pullback.
Technical Trading
A few levels worth keeping on the radar today:
Gold is trading around $4,244 and now runs into its old resistance band between $4,300 and $4,400, the 0.382 Fibonacci zone it lost earlier this summer.
Gold's shorter-term RSI has stretched into overbought territory after the run, a sign momentum is hot but possibly extended.
The S&P 500 sits around 7,723, just under this week's record high near 7,745, so a close back above that level would reconfirm the uptrend.
Global News
The Dow closed at a record 54,349 while the S&P 500 and Nasdaq slipped, a split tape that hints at rotation beneath the surface.
Gold jumped around 4% and silver around 3.5% as traders positioned around reports that Washington and Israel are working to reopen the Strait of Hormuz.
WTI crude climbed around 2.3% to about $82 as the same Middle East uncertainty kept a bid under energy.
Nvidia rose more than 3% on the SpaceX chip news, though Micron and AMD slipped pre-market on a separate SanDisk warning about memory supply.
The Fed remains on hold at 3.50% to 3.75%, with markets watching whether firmer commodity prices complicate the path to cuts.
Texas News
The Dallas-based Texas Stock Exchange rolled out its first advertising campaign across the terminals at DFW airport as it pushes toward its 2026 launch.
Dallas-Fort Worth keeps cementing its place as the country's second-largest finance hub, with Goldman Sachs building a $500 million tower downtown for more than 5,000 employees.
Looking Ahead
Thursday, August 6: Earnings keep rolling, with Constellation Energy and Petrobras reporting after the close as the market tests whether the Dow's record run can broaden out.
Friday, August 7: A lighter data day lets traders digest the week's results and watch for any fresh Strait of Hormuz headlines that could swing oil and metals.
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Prices from Yahoo Finance, CNBC, Fortune and StockAnalysis. Technical levels from Investing.com and FOREX.com. News from Reuters, CNBC and The Washington Post.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.