All major U.S. stock indexes finished lower Thursday as investors weighed fresh geopolitical risks in the Middle East, firmer Treasury yields and a murky Federal Reserve outlook against strong but increasingly priced-in enthusiasm around artificial intelligence and corporate earnings. The S&P 500 fell 0.18% to 7,709.96, the Dow Jones Industrial Average dropped 0.85% to 53,885.10, and the Nasdaq Composite edged down 0.06% to 26,348.35. The Russell 2000, a gauge of smaller companies, declined 0.58% to 3,001.55. Volatility moved the other way: the CBOE Volatility Index, or VIX, slipped 3.98% to 15.18, suggesting traders were trimming risk rather than rushing for the exits. Gold was little changed near 4,305.60, Bitcoin (BTC-USD) lost 0.54% to about 64,428, and September 2026 crude futures settled at 77.72, up 3.32%, marking one of the sharper moves on the day.
Oil Markets Reprice Middle East Risk
The standout move came in energy, where crude prices jumped after Iranian state media circulated a draft framework for shipping through the Strait of Hormuz, the narrow waterway that handles a sizable share of the world’s seaborne oil and LNG. The draft reportedly includes restrictive conditions on transit and potential penalties for “hostile” nations, language that traders took as raising the odds of future disruptions to global supply. Brent crude climbed toward the low-80s per barrel, while U.S. benchmark contracts, including the September 2026 future, followed suit. Shares of energy producers advanced, even as the possibility of higher fuel costs added another wrinkle to the inflation outlook.
Economic Data and Interest Rates Keep Pressure on Equities
Beyond geopolitics, Thursday’s moves played out against a backdrop of mixed U.S. economic data and ongoing uncertainty about the Fed’s next steps. Recent reports show inflation still running above the central bank’s 2% target, with consumer prices up about 3.5% year over year in June and core measures proving sticky. Labor market readings have cooled, with job growth in recent months undershooting earlier expectations and unemployment hovering near 4.2%. At the same time, productivity appears to be improving modestly, a trend some economists attribute partly to early gains from AI adoption in white-collar industries. The Federal Reserve, led by Chair Kevin Warsh, has kept the federal funds rate in a 3.50% to 3.75% target range and signaled a willingness to stay on pause as long as inflation trends gradually lower. Market expectations, however, have become more volatile: futures pricing now reflects the possibility of one or more rate hikes by year-end, even as some strategists still anticipate the Fed holding steady through 2026. Treasury yields reflect that tension. The 10-year Treasury note yield has hovered in the mid-4% range and was recently around 4.68%, with the 2-year near 4.2%, leaving the curve only modestly sloped and signaling a market that sees policy staying relatively restrictive for longer. Higher real yields continue to pressure equity valuations, especially in rate-sensitive sectors and smaller-cap names.
AI Trade, Microsoft Stays Center
In technology, investors continued to digest recent results from Microsoft Corporation (MSFT, $499.86, +2.54%), which have become a focal point for market enthusiasm around generative AI and cloud computing. The company’s latest report showed Azure cloud revenue expanding at more than a 40% annual clip, with management signaling potential acceleration as AI workloads ramp across enterprise customers. Demand for Microsoft 365 Copilot and AI-enhanced security offerings has helped lift recurring revenue and commercial backlog, reinforcing the view that Microsoft’s heavy AI investments are starting to bear fruit. MSFT shares have rallied sharply in recent weeks—at one point climbing more than 20% over seven sessions—helping propel gains across the broader AI complex.
Healthcare and Biotech Deliver Idiosyncratic Moves
Healthcare and biotech stocks generated their own headlines, underscoring the sector’s sensitivity to earnings reports and clinical news. Doximity Inc. (DOCS, $27.52, +33.20% in the aftermarket), which operates a digital platform for physicians, posted fiscal second-quarter results showing continued revenue growth driven by hospital systems and pharmaceutical companies seeking more targeted digital outreach to clinicians. Margins remained solid, underscoring the scalability of its software business. Investors listened closely to guidance on product innovation and workflow tools, which will be key to deepening relationships with its physician user base.
Insmed Incorporated (INSM, $132.55, +33.86%), a biopharmaceutical company focused on respiratory and rare diseases, reported second-quarter results that highlighted growth in its commercial portfolio and ongoing investment in late-stage pipeline programs. Upcoming clinical and regulatory milestones for its development assets remain central to the stock’s long-term appeal, even as near-term performance hinges on commercial execution.
A Market in Consolidation, Not Retreat
Thursday’s action painted the picture of a market in consolidation. Major equity indexes ended lower, but the slide in the VIX, the flat reading for gold and the measured decline in Bitcoin suggest investors are recalibrating exposures rather than fleeing risk entirely.
Rising crude prices and a more complicated inflation backdrop are adding pressure at the margin, especially with Treasury yields firm and the Fed signaling it is in no rush to ease policy. Yet enthusiasm around AI, led by companies such as MSFT, and idiosyncratic opportunities in healthcare and biotech, including DOCS and INSM, are helping keep investors engaged and selective.
For now, Wall Street appears prepared to tolerate modest equity weakness and higher yields so long as earnings hold up and geopolitical risks—particularly in the energy complex—do not spill over into more systemic shocks.
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 $12.93. 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, $13.44) 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, $6.66, +2.78%), 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, $2.03, +1.00%), 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 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, $7.38), 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, 3.24, +1.25%) 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, $20.66, but is up significantly in the aftermarket) 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. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”
Fiscal 2027 First Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.
- Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
- Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
- Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
- Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
- Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:
- Revenue between $170 million and $171 million.
- Adjusted EBITDA between $80.5 million and $81.5 million.
Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:
- Revenue between $671 million and $681 million.
- Adjusted EBITDA between $309 million and $329 million.
Sable Offshore Corp. (SOC)
Sable Offshore Corp. (SOC, $4.79, +3.46%) 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, $10.55].
The Sources
- CNBC – Oil prices jump after Iran publishes restrictive draft plan for Strait of Hormuz
https://www.cnbc.com/2026/08/06/oil-price-iran-war-strait-hormuz-oman-deal.html - CNBC (AMP version) – Oil prices jump after Iran publishes restrictive draft plan for Strait of Hormuz
https://www.cnbc.com/amp/2026/08/06/oil-price-iran-war-strait-hormuz-oman-deal.html - Bloomberg – Oil Gains as Hurdles to Iran-Oman Strait of Hormuz Deal Emerge
https://www.bloomberg.com/news/articles/2026-08-05/latest-oil-market-news-and-analysis-for-aug-6 - Trading Economics – United States Stock Market Index (US500)
https://tradingeconomics.com/united-states/stock-market - Schwab – Stock Market Update – Open (market levels and context)
https://www.schwab.com/learn/story/stock-market-update-open - Finance Yahoo – Microsoft’s AI growth has won back investors—for the time being
https://finance.yahoo.com/technology/article/microsofts-ai-growth-has-won-back-investors-for-the-time-being-165202521.html - Finance Yahoo – Doximity (DOCS) Q2 CY2026 earnings article
https://finance.yahoo.com/markets/stocks/articles/doximity-nyse-docs-q2-cy2026-201212657.html - Finance Yahoo – Insmed (INSM) reports second quarter 2026
https://finance.yahoo.com/healthcare/articles/insmed-reports-second-quarter-2026-110000970.html - TS2 Tech – Microsoft (NASDAQ: MSFT) shares soar 22% after disclosure of $678 billion order backlog boosts focus on AI investments
https://ts2.tech/en/microsoft-nasdaqmsft-shares-soar-22-after-disclosure-of-678-billion-order-backlog-boosts-focus-on-ai-investments/ - Ad-hoc News – Microsoft’s capacity squeeze: the new storyline that flipped a seven-day, 23% rally
https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/microsoft-s-capacity-squeeze-the-new-storyline-that-flipped-a-seven-day/69913926 - Investing.com – Microsoft Just Flipped the AI Spending Narrative Overnight
https://www.investing.com/analysis/microsoft-just-flipped-the-ai-spending-narrative-overnight-200684974 - Finance Yahoo – Microsoft eases AI spending concerns, giving MSFT stock a boost
https://finance.yahoo.com/markets/stocks/articles/microsoft-eases-ai-spending-concerns-141037033.html - Federal Reserve – Monetary Policy Report, July 2026
https://www.federalreserve.gov/monetarypolicy/files/20260710_mprfullreport.pdf - iShares / BlackRock – Fed Outlook 2026: Rate forecasts and fixed income strategies
https://www.ishares.com/us/insights/portfolio-insights/fed-outlook-rates-kevin-warsh-fixed-income-2026 - Morgan Stanley – Fed Rate Pause: What It Could Mean for Fixed Income Markets
https://www.morganstanley.com/insights/articles/fed-rate-pause-fixed-income-market-impact-2026 - Trading Economics – United States Government Bond 10Y (10-year yield)
https://tradingeconomics.com/united-states/government-bond-yield - FRED (St. Louis Fed) – 10-Year Treasury Constant Maturity (DGS10)
https://fred.stlouisfed.org/series/DGS10 - Advisor Perspectives – Treasury Yields Snapshot: July 31, 2026
https://www.advisorperspectives.com/dshort/updates/2026/07/31/treasury-yields-snapshot-july-31-2026 - YCharts – 10 Year Treasury Rate
https://ycharts.com/indicators/10_year_treasury_rate - Trading Economics – United States Economic Calendar
https://tradingeconomics.com/united-states/calendar - X (Twitter) – MarketsDay: U.S. Economic Calendar – August 6, 2026
https://x.com/marketsday/status/2083906554336850037 - Cryptoslate – Fed rate hike in 2026 – odds & prediction market analysis
https://cryptoslate.com/predictions/market/fed-rate-hike-in-2026/
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