Market Close: Dow Closes At Record High, Palantir Posts Strong Quarter • 8/3/26
Speakers
Matt Smith
— Lead Oil Analyst, Kpler
Kevin Hassett
— Director, White House National Economic Council
Kelly Evans
— Anchor, The Exchange (CNBC)
Adam Isles
— Head of Cybersecurity, Chertoff Group
Jessica Ettinger
— Anchor, CNBC
Summary
CNBC's Jessica Ettinger recaps a record close for the Dow, big tech gains, and after-hours earnings reactions. Kepler analyst Matt Smith forecasts higher oil prices due to Strait of Hormuz closures and inventory draws. Kevin Hassett discusses falling shelter costs and good inflation numbers, while mortgage rates rise and cyber threats on water systems are detailed.
- Dow hits record high, led by Boeing; S&P 500 and Nasdaq also rally strongly.
- Oil analyst Matt Smith calls for higher crude prices as Strait of Hormuz stays closed, inventories fall, and China eventually returns.
- White House NEC Director Hassett says inflation numbers are fantastic, with declining shelter costs in California.
- Mortgage rates climb sharply, potentially headed back above 7%, per Kelly Evans.
- Iran-linked cyberattacks on US water systems steal project files for disruption, says Adam Isles.
- After-hours earnings pops: Palantir +7%, Snap +9%, ON Semiconductor +2%.
- Tuesday's earnings watch includes Caterpillar, McDonald's, Merck, Pfizer, Amgen, and AMD.
Ideas
Oil prices will climb further.
Oil prices are going to climb because the Strait of Hormuz has been effectively closed for six months of conflict, inventories are being drawn down, refineries are dialing back, and China has been staying out of the market but will return, which will drive prices higher.
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This CNBC video, published August 03, 2026, features Matt Smith discussing WTI. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Matt Smith · Tickers: WTI