Market Close: Tech Earnings, Oil Prices Pressure Stocks, Mortgage Rates Rise 8-6-2026

Watch on YouTube ↗  |  August 06, 2026 at 20:27  |  2:14  |  CNBC
Speakers
Kristina Partsinevelos — Markets Reporter, CNBC
Rebecca Babin — Senior Energy Trader, CIBC Private Wealth
Peter Schacknow — Host, CNBC

Summary

Stocks fell as higher oil prices and AI trade volatility persisted. Tech earnings from Western Digital and SanDisk topped consensus but missed lofty growth expectations, pressuring the sector. Crude oil jumped 4% on Iran Strait of Hormuz tension, while mortgage rates rose for a fifth straight week to a one-year high. SanDisk's conservative guidance and upcoming investor day were flagged as a potential sentiment reset.

  • Dow dropped 464 points, S&P 500 and Nasdaq had small losses.
  • Oil surged 4% on reports Iran might block US ships in Strait of Hormuz.
  • Western Digital fell nearly 13%, SanDisk down 5% after earnings.
  • SanDisk's guidance seen conservative; August 13 investor day could reset sentiment.
  • Mortgage rates hit 6.69%, highest in over a year and fifth weekly rise.
  • FCC voted to rescind local TV station ownership cap, likely to spark court case.
Ideas
Kristina Partsinevelos Markets Reporter, CNBC 0:48
Conservative guidance, August 13 catalyst
SanDisk posted record revenue but guided for roughly flat margins and only modest price hikes, missing lofty expectations. Some analysts think the company is lowballing and memory prices are climbing faster than guidance suggests. SanDisk's investor day on August 13 could potentially reset sentiment, making the current conservative posture a near-term catalyst for upside.
SNDK LOW
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This CNBC video, published August 06, 2026, features Kristina Partsinevelos discussing SNDK. 1 trade idea extracted by AI with direction and confidence scoring.

Speakers: Kristina Partsinevelos  · Tickers: SNDK