Daily Market Recap: August 5, 2026

U.S. equities finished Wednesday, August 5, 2026, mixed, with the Dow and gold catching a strong bid while the Nasdaq and small caps faded into the close. Investors weighed easing oil‑price pressures, elevated AI expectations and persistent geopolitical risk as another wave of earnings and macro headlines hit the tape.

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Key Index Performance and Volatility

Major U.S. Indices – Closing Levels

• S&P 500 (SPX) closed at 7,723.55, down 12.97 points (-0.17%), reflecting modest profit‑taking in growth and energy despite strength in industrials and select value names.
• Dow Jones Industrial Average (DJI) finished at 54,349.10, up 263.24 points (+0.49%), extending its push toward record territory on the back of industrial and cyclically exposed blue chips.
• Nasdaq Composite (IXIC) ended the session at 26,363.44, down 221.55 points (-0.83%), as investors trimmed high‑multiple AI and semiconductor positions after a strong run.
• Russell 2000 (RUT) closed at 3,019.19, down 17.79 points (-0.59%), highlighting caution toward smaller, more levered domestic cyclicals.

Breadth was mixed but orderly, with the tape showing a clear rotation into mega‑cap value, industrials and real‑asset hedges over smaller, higher‑beta growth stories.

VIX and Gold – Risk Sentiment Snapshot

• The CBOE Volatility Index (VIX) settled at 15.81, down 0.69 points (-4.18%), signaling a backdrop of heightened awareness but no broad panic as indices hover near highs.
• Gold futures surged to approximately 4,306.60, up 154.00 (+3.71%), underscoring strong demand for hard‑asset hedges even as crude oil prices rolled over.

This combination—lower VIX, higher gold and mixed equities—suggests investors are cautiously optimistic, but still actively hedging geopolitical and policy risk.

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Macroeconomic Update: Oil, Hormuz and the Fed Lens

Strait of Hormuz and Crude Oil

The macro narrative continued to revolve around geopolitics in the Middle East and the impact on energy markets. U.S. Treasury Secretary Scott Bessent indicated on CNBC that Washington is “in talks with the Iranians” and that there is “a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict.”

Oil markets reacted quickly:

• West Texas Intermediate (WTI) crude dropped another .95% to $75.05 as the war‑risk premium started to unwind.

Lower oil fed into softer inflation expectations and helped underpin the Dow and consumer‑facing names, even as energy equities digested the move.

Trade Deficit, Growth and Fed Expectations

The latest U.S. trade deficit widened to roughly 73.3 billion dollars in June, slightly above expectations and reflecting ongoing strength in domestic demand and imports. When combined with easing commodity pressures, this supports a “slow‑growth, less‑inflation‑heat” narrative.

For the Federal Reserve, the mix of:

• moderating headline inflation pressures,
• resilient but not runaway growth, and
• contained volatility (VIX mid‑teens),

keeps the door open for a prolonged hold on rates and, if growth cools further, a later‑cycle dovish bias.

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AI Market Commentary: Earnings and Leadership

Palantir and AI‑Driven Defense Spending

AI‑exposed companies were once again at the center of investor attention:

• Palantir Technologies (PLTR) reported quarterly adjusted EPS near 0.41 dollars, ahead of estimates around 0.35 dollars, reinforcing its positioning as a key AI‑powered defense and enterprise analytics provider.

The beat underscored how AI is shifting from narrative to reported revenue and margin leverage, particularly in government and mission‑critical data environments.

Semiconductors and AI Infrastructure

AI infrastructure and semiconductor bellwethers—including Micron Technology (MU, $893.19, +.06%) and peers driving memory and accelerator demand—remained central to the Nasdaq’s story. Even with today’s selloff, these names are still critical to:

• cloud and data‑center build‑outs,
• on‑device AI applications, and
• high‑performance computing workloads.

The evolving theme for investors is clear: capital is gravitating toward companies with durable data moats, specialized silicon and real AI monetization, rather than generic “AI‑adjacent” stories.

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Sector Moves: Industrials, Energy and Small Caps

Industrials and Infrastructure

• Caterpillar (CAT) delivered a standout quarter, with adjusted EPS around 8.17 dollars versus consensus near 6.25 dollars, highlighting resilient infrastructure and heavy equipment demand.
• The Industrials Select Sector SPDR (XLI) benefited as investors leaned into companies tied to reshoring, infrastructure and energy‑transition capex.

This supports a dual‑engine market structure where AI‑driven digital growth and real‑asset investment can both contribute meaningfully to returns.

Energy and Cyclicals

• The Energy Select Sector SPDR (XLE) lagged as falling crude forced a near‑term reset for integrated oils and E&Ps that had recently rallied on war‑premium concerns.
• Financials and small caps, represented by the Russell 2000 (RUT), traded softer as markets reassessed the path of rates, credit spreads and domestic growth.

Short‑term, the combination of lower oil, higher gold and a softer VIX tells a nuanced story: inflation risk is being repriced, but investors are still hedging geopolitical and policy uncertainty via precious metals and selective sector positioning.

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Elon Musk Ecosystem and Cross‑Asset Sentiment

Musk Platforms and AI Narrative

Broader tech sentiment remains closely tied to Elon Musk’s ecosystem, which continues to shape investor views on AI and platform‑scale innovation:

• Tesla (TSLA) is a high‑beta proxy for EV adoption, robotics via the Optimus program and full self‑driving AI, linking hardware, software and data‑driven margins.
• SpaceX (SPCX) drives Musk’s innovation premium through Starship and reusable launch economics, impacting satellite communications and space‑related infrastructure. NVIDIA Corporation (NVDA) rose 3.43% today to close at $219.22 after Elon Musk announced during SpaceX;s earnings realize call that they would exclusively use NVIDIA hardware.
• X (formerly Twitter) and xAI are central to debates around conversational AI, data advantage and real‑time training signals.

Together with Neuralink and The Boring Company, this network of platforms represents a web of optionality across transportation, space, neurotech and information, and continues to anchor investor sentiment around AI’s commercial runway.

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VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $13.02,+24.95%, after hitting $14.11 intraday trading. The move came after Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $14.97, +7.08%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.48) a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, wrapped up its KOL event today with a clear message for Wall Street and the GI community: EP‑104GI is not just another esophageal steroid, it is being architected to live comfortably inside real‑world upper endoscopy practice for eosinophilic esophagitis (EoE) patients. By the end of the session, the tone had shifted from “could this work?” to “this is how we would use it on Monday,” which is exactly the inflection investors watch for

EPRX announced (July 7) the appointment of Robert Bazemore, Amy Pottand Dr Helen Thackray to the Board of Directors. “We are delighted for Robert, Amy and Helen to join our Board of Directors at a pivotal stage for the company.”   said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “Their collective expertise across late-stage drug development, commercial strategy, and global product launches will be invaluable as we execute on several key upcoming milestones for EP-104GI and continue to expand our pipeline. Their appointments reflect the commitment of Eupraxia to advancing and expanding our gastroenterology assets in an efficient and effective manner. I also want to thank Paul Geyer and Michael Wilmink for all of the support and contributions they have made to Eupraxia over the last decade as we proved the function and potential of the Diffusphere technology.”

Eupraxia announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.16), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 5) that management will host a booth at the Association of Diabetes Care & Education Specialists 2026 Annual Conference (the “Conference”) in Columbus, Ohio, from August 7-10, 2026, where they will showcase the new Pivot tubeless insulin patch pump.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Modular Medical announced (July 14) announced positive findings from a new comprehensive diabetes patient research initiative further supporting its commercialization strategy. The Company will share these findings and showcase its Pivot™ tubeless insulin patch pump at the upcoming Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in Columbus, Ohio, August 7-10, 2026. Key findings from the assessment of 100 individuals utilizing multiple daily injections revealed significant unmet needs and strong interest in simplified insulin pump technology: 1) 97% of participants stated they would be interested in insulin pump therapy and expressed openness to alternative treatment options, 2) Among the 43% of participants who reported being hospitalized due to hyperglycemia, hypoglycemia, diabetic ketoacidosis (DKA), or hyperosmolar hyperglycemic state (HHS), nearly half reported experiencing such events two or more times annually, & 3) 55% of participants reported finding themselves in environments that were not convenient or private for administering insulin injections at least twice per week, while 31% experienced these situations more than four times per week.

Modular Medical (June 30) announced that the first patients have completed onboarding and training and are now actively using the Pivot™ tubeless insulin patch pump in real-world settings. This milestone marks the transition of the Pivot pump from development into active patient use and represents a significant step in Modular Medical’s commercialization strategy. The Company will now begin collecting real world utilization data and user feedback to support broader adoption and continued product deployment optimization.

MODD announced ( June 26) that the Pivot™ tubeless insulin patch pump is now shipping to physician offices for training. Upon completion of training, these pumps will be presented to potential patients in the next few days and weeks. The Company intends to expand the roster of practices that offer Pivot over the coming months. This is another significant milestone in the deployment of Pivot. Modular Medical looks forward to updating the market when these first patients are using the pump to deliver insulin. The Pivot pump is purpose-built for adults with diabetes on daily injections who have faced cost, complexity, and usability barriers with traditional pump systems. This group represents an estimated 70% of insulin-dependent adults who remain on multiple daily injections, a multi-billion-dollar opportunity within the diabetes technology market.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB, $7.44, +.27%), a leading digital data and analytics company powering critical business decisions, will release second quarter 2026 financial results for the period ended June 30, 2026, before the market opens on Wednesday, August 12, 2026. Management will host a conference call on Wednesday, August 12, 2026, at 8:30 a.m. EDT to discuss the Company’s business and financial results. A live webcast of the call can be accessed from Similarweb’s Investor Relations website at https://ir.similarweb.com. 

SMWB announced (June 15) that it has surpassed $300 million in Annual Recurring Revenue (ARR) and signed two multi-year enterprise contracts, each representing seven-figure ARR commitments. Collectively, these contracts represent approximately $47 million in Total Contract Value to be recognized over the next three years and were signed during the second quarter of 2026.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.26, +.93%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $3.20, +7.38%), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $21.6389, +1.06%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. will report financial results for its fiscal first quarter ended June 30, 2026 after market close on August 6, 2026. Doximity will host a conference call and webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com/.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (SOC, $4.63, +3.35%) is rebooting a controversial but strategically important offshore-pipeline system under federal DPA orders, targeting meaningful production from Platform Hondo while juggling financing needs that could run into the billions and regulatory battles that could reshape California’s energy landscape.

FMC (NYSE:FMC)

FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC Corporation is doing what smart industrial companies often do when the old playbook stops earning its keep: it is pruning, refocusing and leaning harder into the parts of the business that can actually grow. The result is not a victory lap, but it is starting to look like a cleaner, more investable story for FMC [NYSE:FMC, $10.78, +2.18%].

The Sources