Disney Earnings and Jobs Data Take Center Stage 05/08/2026
Market Wrap
US stocks surged to fresh records on Tuesday as strong corporate earnings and another sharp decline in oil prices fueled broad risk appetite.
The S&P 500 jumped 1.8% to close at a record 7,736.52, while the Dow Jones Industrial Average climbed 907 points, or 1.7%, to 54,085.88, also reaching an all-time high. The Nasdaq Composite gained 2.6% to 26,584.99.
Palantir Technologies (PLTR) soared nearly 30% after delivering stronger-than-expected quarterly results, while Caterpillar (CAT) rose more than 5% as AI-related infrastructure demand helped drive a standout quarter.
Oil provided another tailwind after US officials said the Strait of Hormuz was free and open and signaled that progress toward an agreement with Iran may be close. West Texas Intermediate crude sank 5.7% to $75.77 a barrel.
The rally extended well beyond technology. Financials gained 0.9%, supported by a more than 2% rise in Goldman Sachs (GS), while industrial and materials stocks advanced nearly 2% each.
Attention now turns to another busy earnings session, with Walt Disney (DIS), Uber Technologies (UBER) and Eli Lilly (LLY) reporting before the opening bell. E.l.f. Beauty (ELF) and DoorDash (DASH) are due after the close.
Wednesday’s economic calendar includes the ADP private-payrolls report, with economists expecting 75,000 new jobs in July, alongside the latest S&P Global Services PMI and ISM services readings.
AMD Beats, SpaceX Disappoints
Advanced Micro Devices (AMD) and SpaceX (SPCX) delivered contrasting post-earnings reactions despite both beating Wall Street expectations.
AMD topped revenue and earnings estimates as second-quarter sales jumped 50%, driven by a 107% surge in its data-center business. Management raised expectations for AI demand, guided current-quarter revenue above consensus and said its new Helios AI systems will begin shipping this quarter. Despite the strong results, shares fell sharply after hours as investors had been positioned for even stronger guidance following the stock's massive rally.
SpaceX, meanwhile, reported its first earnings since going public, with revenue soaring 92% to $7.8 billion and losses narrowing significantly. Growth was fueled by strength across its Starlink, AI and launch businesses, but the stock fell about 8% after the company disclosed another sharp increase in capital spending tied to its SpaceX AI expansion. Investors also focused on continued losses in the space and AI divisions, even as management highlighted strong long-term growth opportunities in Starlink Mobile and satellite connectivity.
Stocks on the Move
- Arista Networks (ANET): Shares jumped 11% after second-quarter earnings, revenue and operating margins all exceeded expectations. The cloud-networking company also issued stronger-than-expected third-quarter guidance.
- Wynn Resorts (WYNN): Shares rose 7% after the casino operator reported adjusted earnings of $1.24 per share on revenue of $1.86 billion, both ahead of Wall Street forecasts.
- Astera Labs (ALAB): Shares reversed earlier gains and fell 4% despite beating second-quarter estimates and issuing a strong third-quarter outlook. The company forecast adjusted earnings of $1.16 to $1.21 per share on revenue of $540 million to $560 million, well above consensus.
- Kratos Defense & Security Solutions (KTOS): Shares rose as much as 8% after hours before paring gains. The defense-technology company reported second-quarter revenue above expectations across all business segments.
- Pinterest (PINS): Shares dropped 8% after third-quarter revenue guidance failed to impress investors, overshadowing stronger-than-expected second-quarter earnings and sales.
Watchlist: AMD, SPCX, ASTS, ALAB, DIS, PINS, SHOP, UBER, CVS
Key Economic Events Today
Economic Data (EST)
- 08:15 AM — USD ADP Non Farm Employment Change
- 09:45 AM — USD Final Services PMI
- 10:00 AM — USD ISM Services PMI
- 10:30 AM — USD Crude Oil Inventories
Earnings
Before Market Open: Eli Lilly (LLY), Walt Disney (DIS), Shopify (SHOP), Uber Technologies (UBER)
After Market Close: Sandisk Corp. (SNDK), Western Digital Corp. (WDC), Applovin (APP)
