The Dow is set to open at a record while the Nasdaq lags — a split tape driven by cooling AI-capex nerves and a possible Strait of Hormuz shipping deal that is steadying oil. Per Yahoo Finance, Dow futures were up ~0.3% (54,670), S&P 500 futures +0.14% (7,760), while Nasdaq-100 futures slipped ~0.45% (29,482).

Futures & the overnight driver

The blue-chip Dow extended its record run as investors rotated away from expensive AI names. The single biggest overnight swing factor: Iran said it reached a temporary shipping arrangement with Oman for the Strait of Hormuz, with the US, Iran and Oman reported to be near a 60-day interim deal to reopen the waterway without tolls (Yahoo Finance, Benzinga). VIX sat near 15.9.

Pre-market movers

• Chips/AI under pressure: SanDisk (SNDK) fell ~5.4% and Western Digital (WDC) ~5.4% on soft revenue forecasts; Micron (MU) ~-3.4% and AMD stayed weak as markets punish heavy AI-capex and rich valuations (Yahoo Finance, Benzinga).
• SpaceX (SPCX): first IPO lockup expires today, with 900M+ shares eligible to sell; the stock sits near all-time lows. Nvidia (NVDA) rose 3%+ Wednesday after SpaceX said it will exclusively use Nvidia chips (Yahoo Finance).
• Peloton (PTON): tumbled ~15% after weak revenue guidance overshadowed its first full-year profit (Benzinga).

Earnings today

Before the bell: Warner Bros. Discovery (WBD). After the close: Airbnb (ABNB), Lyft (LYFT) and Cloudflare (NET) — a read on travel demand, ride-hailing and enterprise cloud (Yahoo Finance).

Macro today

• Initial jobless claims (wk of Aug 1): 199K vs ~202K expected (prior ~198K) — labor market still tight (Investing.com).
• Continuing claims (Jul 25): 1.801M vs 1.790M expected.
• Nonfarm productivity (Q2 flash): +1.4% vs +0.6% expected — a strong beat that eases unit-labor-cost/inflation worries (Investing.com).
• Challenger job cuts (July): 33,429, down 27% m/m — the lowest monthly total in two years (TheStreet).

All of this sets the stage for Friday's July non-farm payrolls report — the week's main event.

Rates, dollar & commodities

The US 10-year Treasury yield was ~4.62% and the 2-year ~4.20% (TheStreet). The dollar index (DXY) hovered near 99.6, close to a seven-week low, as the Hormuz thaw eased oil-driven inflation fears (Trading Economics). WTI traded near $75.7 and Brent near $80 (Forbes/Investing.com), while gold jumped ~0.9% to ~$4,342 on lingering geopolitical uncertainty (Yahoo Finance).

Overnight global context

Europe stayed hot — the STOXX Europe 600 closed at a fresh record near 657 (up ~10% in 2026), and the Hormuz de-escalation is the swing factor keeping global risk appetite firm (CNBC, Euronews).

What to watch at the open

Watch whether Dow strength can offset chip weakness, or whether AI-capex jitters drag the whole tape lower. Any headline confirming — or breaking — the Hormuz deal will move oil and energy names fast. And with jobless claims and productivity already in, positioning ahead of Friday's payrolls could keep moves choppy.

As of 09:15 ET, Aug 6, 2026. Sources: Yahoo Finance, Benzinga, TheStreet, Investing.com, Trading Economics, Euronews. Automated US market brief for discussion and education only — not investment advice. Verify before acting.