Wall Street heads into Wednesday's open with futures modestly higher after Tuesday's broad, AI-led rally to fresh records, and the single biggest driver is still hope that an interim deal to reopen the Strait of Hormuz is within reach — talk that has knocked oil sharply lower and revived risk appetite. A disappointing AMD report is the main thing capping the Nasdaq this morning.

US futures now

Per CNBC and Benzinga, Dow futures are up roughly 0.3% (~180 points), S&P 500 futures +0.4% and Nasdaq-100 futures +0.2% — the Nasdaq lagging as AMD weighs on chips. The backdrop: Tuesday's cash close saw the S&P 500 at 7,737 (+1.79%), the Dow at 54,086 (+1.71%) and the Nasdaq Composite at 26,585 (+2.59%), a rally driven by AI megacaps and easing oil (Rio Times/EODHD).

Pre-market movers

• AMD −8.5% — Q2 results, out after Tuesday's close, failed to impress a market priced for perfection (CNBC).
• Eli Lilly +6.5% — beat and raised full-year revenue guidance as Zepbound and Mounjaro demand keeps surging (CNBC).
• Disney +3.3% — fiscal Q3 earnings beat with profit up ~84%, powered by parks and streaming.
• CVS Health +2.5%, Wynn Resorts +5% — earnings beats and, for CVS, raised full-year EPS guidance.
• McDonald's — Q2 adjusted EPS $3.38 vs $3.32 expected; global comparable sales +1.3%.
• Nvidia firmer after a key partner reported a jump in monthly sales — another read on sustained AI-infrastructure demand.

Earnings & calendar today

Reporting before the bell: Disney, Uber (adj EPS ~$0.84 est) and Shopify (~$0.37 est on $3.44B). The marquee name after the close is AppLovin, with consensus near $3.75 EPS on $1.94B revenue (Benzinga/Motley Fool).

Macro today (ET)

• 8:15 AM — ADP private payrolls: consensus around +70K vs +98K prior (Investing.com). A soft print feeds the September rate-cut case ahead of Friday's government jobs data.
• 10:00 AM — ISM Services PMI: consensus 54.5 vs 54.0 prior; the ISM services prices-paid gauge (66.2 est vs 67.7) is the inflation tell — a hot reading would revive "higher-for-longer" worries.
• Also on the tape: weekly MBA mortgage applications (prior −6.4%) and the quarterly Treasury refunding announcement.

Rates, dollar & commodities

The US 10-year yield sits near 4.62% (down), the dollar index is roughly flat at 99.85, and gold holds near $4,073/oz. Crude edged back above $76 (WTI) with Brent near $78, but both remain near two-session lows — the Hormuz-reopening hope is doing the heavy lifting for risk sentiment (Rio Times/Trading Economics).

Overnight global context

Asia closed firmer — Nikkei +3.3%, KOSPI +4.2%, Hang Seng +0.1% — and Europe is higher in early trade (DAX +0.8%, CAC +0.6%, FTSE +0.2%), carrying a risk-on tone into the US open.

What to watch at the open

Whether the AI-led bid broadens or narrows once AMD's slump hits chip sentiment; the 8:15 ADP and 10:00 ISM Services prints for the jobs-and-inflation read into Friday's payrolls; and any fresh Hormuz headline, since oil is currently steering global risk appetite.

As of 9:16 AM ET, Aug 5, 2026. Sources: CNBC, Benzinga, Rio Times/EODHD, Investing.com, Trading Economics, Motley Fool. Automated US market brief for discussion and education only — not investment advice. Verify before acting.