Mixed Trading on Wall Street as Mid-East Tensions, Earnings Results and SpaceX Lock-Up Expiry Weighed

Barry Adams
06 Aug, 2026
New York City

Stocks in New York edged higher a day after benchmark indexes closed down as investors took profit in high-flying AI-related stocks. 

The S&P 500 Index increased 0.2%, and the tech-heavy Nasdaq Composite advanced 0.4% as investors reviewed the latest batch of earnings. 

SanDisk Corp., Western Digital, Figma Corp., SoftBank Group, SpaceX, Honeywell Aerospace, and Restaurants Brands International were in focus after the release of their quarterly results. 

The West Texas Intermediate crude oil price increased 0.9% to $79.91 a barrel after Iran and Oman signaled an understanding to pause attacks in the Strait of Hormuz. 

The temporary signs of easing tensions in the Middle East, improved investor sentiment, and extended recent cooling of crude oil. 

Investors are looking ahead to the release of July's nonfarm payrolls data on Friday, and the U.S. economy is likely to slow net new hirings to close to 40,000. 

 

U.S. Movers 

SpaceX increased 1.5% to $109.98 as the lock-up expiry kicks in for 900 million shares. 

The first tranche of stocks held by insiders is set to expire on Thursday, allowing the market to understand how the stock performs with the newly available shares for trading. 

SanDisk Corp. dropped 10% to $1,222.45 after the company's muted guidance for the current quarter disappointed investors. 

Revenue in the fiscal fourth quarter ending in June jumped to $8.9 billion from $1.9 billion, net income swung to a profit of $6.9 billion from a loss of $23 million, and diluted earnings per share were $43.97 compared to a loss of 16 cents a year ago. 

For the fiscal year 2026, revenue jumped 175% to $20.25 billion from $7.4 billion, net income soared to $11.4 billion from a loss of $1.6 billion, and diluted earnings per share advanced to $73.76 from a loss of $11.32 a year ago.  

Higher pricing, a mix shift to higher-value customers, and more than a fourfold increase in demand from data centers powered the revenue surge. 

The company guided fiscal first quarter 2027 revenue in the range between $10.30 billion and $10.80, and adjusted diluted earnings per share to range between $44.0 and $46.0. 

Western Digital Corp. dropped 15.8% to $436.80 after the data storage company's current quarter slightly exceeded investors' lofty expectations, despite delivering solid quarterly results. 

Revenue in the fiscal fourth quarter ending in June increased 44% to $3.7 billion from $2.6 billion, net income soared twelve fold to $3.2 billion from $243 million, and diluted earnings per share advanced to $8.21 from 67 cents a year ago. 

The company guided fiscal first quarter 2027 revenue of $4.1 billion, non-GAAP gross margin of 55%, and non-GAAP diluted earning per share of $4.0.