Market Open: Fresh Record Highs For Dow and S&P 500, SpaceX Stock Tumbles, Oil Rebounds 8/5/2026

Summary

U.S. stocks opened higher with the Dow and S&P 500 at fresh intraday records after record closes. SpaceX fell over 11% on capex and free cash flow concerns despite doubling revenue. Eli Lilly rallied 5% on strong earnings and weight-loss drug demand. ADP jobs data missed estimates, and crude oil rebounded on a Red Sea tanker attack.

• Dow and S&P 500 hit new intraday record highs, extending winning streaks.
• SpaceX stock down 11% as free cash flow and lockup expirations weigh on sentiment.
• Eli Lilly up over 5% after beating forecasts on Zepbound and Mounjaro demand.
• ADP private payrolls rose only 44,000 in July, smallest gain in six months.
• WTI crude oil up ~1% after Houthi rebels reported attack on Saudi tanker.
• Mark Mahaney sees 3-12 months of pressure on SpaceX stock from free cash flow headwinds.