Market Review: August 06, 2026

Closing Recap

Thursday, August 06, 2026

After a massive 4 day rally from last week to Tuesday saw major averages climb to all-time highs for the Dow, S&P 500 and Russell 2000, markets had a rather lackluster trading day ahead of tomorrow’s monthly nonfarm payroll report. After tonight, we will be more than 85% thru Q2 earnings, with a 87% beat rate so far, impressive by all measures including growth. Stock markets did a whole lot of nothing today awaiting the data. Oil and Treasury yields edged higher as Iran’s semi-official Fars news agency reported, citing a lawmaker, that an Iranian parliamentary committee is reviewing a preliminary bill that would bar U.S., Israeli and other “hostile” vessels from transiting the Strait of Hormuz. Sector leaders included Energy (XLE) +1.5% and modest gains in tech thanks to large cap strength, and semis (SOX +1.5%) but software names tumbled on earnings results (HUBS, FIG). Shares of Materials (XLB), REITs (XLRE) and Industrials (XLI) led the declines in the S&P.  Lots of notable movers on earnings overnight and into today with today being one last barrage before focus turns to off calendar software/retailers in the coming month. The Bureau of Labor Statistics releases its nonfarm payrolls report for July Friday, with Wall Street expecting a gain of 83,000 and the unemployment rate to hold at 4.2%. Beyond the headline numbers, economists will be watching labor force participation, wage gains and job composition for broader clues.

• U.S. Q2 non-farm productivity +1.4% (consensus +0.6%), vs Q1 +0.8% (prev +0.3%) while U.S. Q2 non-farm unit labor costs +1.3% (consensus +2.1%), vs Q1 +1.3% (prev +1.8%).
• Challenger layoffs showed 33,429 job cuts in July 2026, the fewest in two years…down 27% from June and 46% compared with the same month last year. Ai led all reasons for job cuts for a Fifth straight month and was responsible for 10.97K during the month.
• June wholesale inventories revised to +0.2% (consensus +0.3%) from +0.3%; June wholesale sales -3.0% (consensus +2.2%) vs May +3.5% (prev +3.4%); U.S. June stock/sales ratio 1.19 months’ worth vs May 1.15 months.

• The U.S. dollar edged higher helped by safe-haven positioning from investors, clawing back some recent intervention-driven losses that had pushed it to a 13-week low against the yen following joint action by Japanese and U.S. Treasury authorities to prop up the currency. The dollar was last up 0.41% against the yen at 158.41, on track for its third straight session of gains after weakening to as low as 155.20 on Monday, its lowest level since early May. The euro was down about 0.29% at $1.1519, and sterling fell 0.12% at $1.3454.
• After surging on Wednesday, precious metals prices dipped on Thursday as December gold settles -$5.60/oz, or -0.13%, at $4,299.60 while September silver settles -$0.68/oz, or -1.09%, at $61.61. The yield on benchmark U.S. 10-year notes rose 5.06 basis points to 4.668%, from 4.617%.

• Beauty products: LRLCY was upgraded to Hold at Jefferies post H1 results saying evidence is mounting against prior call that the underlying 2yr CAGR is rangebound at 4-4.5%, with the Q2 results above that amidst a more supportive underlying market. ELF Q1 results ahead of expectations and meaningfully lifted guidance. Adjusted EPS of $1.75 easily topped a Street figure of $0.71 driven by stronger sales and benefits from tariff refunds (~$0.68 tailwind) and management now expects FY26 EPS of $3.50-3.55 vs. prior guidance of $3.27-3.32.
• Beverages and Food sector: CELH shares decline after Q2 revenue of $818M missed the $870M consensus estimate and adjusted EPS of $0.36 fell short of the $0.42 estimate and said gross margin fell to 48% from 51% y/y as ongoing aluminum cost inflation outweighed freight savings. KDP Q2 revs beat estimates while left its annual forecasts unchanged; DEO FY sales of $19.643B versus the $20.269B estimate and adjusted operating profit of $5.683B against a $5.895B consensus, launching a two-year restructuring program targeting approximately $850M in savings starting fiscal; TAP beats Q2 estimates with adjusted EPS of $1.58 versus the $1.51 consensus on net sales of $3.097B against a $3.081B estimate, reaffirming full-year guidance.
• Restaurant sector: PZZA cuts annual sales forecast, hurt by challenges in North America as sees annual global system-wide restaurant sales forecast to decline in the range of -2% to -4%, compared to its prior expectations of flat-to-low single digits and guides 2026 North America comparable sales to decline between -6% and -8% vs its prior expectations of a -2% to -4% decline; BROS delivered an all-around beat and raised 2026 guidance for comps, revs, and EBITDA, but shares fell on softer Q3 comps guidance (+4–5%).
• Retailers: RL shares rose as Q1 adj EPS and sales $1.96B topped consensus $1.87B helped by resilient demand from young and affluent shoppers for its high-priced collections and raises fiscal 2027 revenue forecast to around 5% to 6%, compared to prior rise 4% to 5%.

• Online travel/lodging sector: EXPE Q2 beat (EBITDA $1.19B vs Street’s $1.037B est.), with nights +6%, (~250–300bps above management positioning) benefitting from higher B2C marketing leverage, stable US backdrop and expanding B2B partnerships (no change to 2H outlook). TRIP and SABR shares were also active following results from both as well in the travel group.
• Ride hailing/food delivery: DASH Business performing well, GOV +23% y/y PF, but results/3Q guide only in line with Street. US restaurant GOV +24% y/y and accelerated on DassPass. US grocery/retail strong growth with significantly improving unit economic

• Solar sector: Solar: ARRY delivered Q2 revenue of $342.1M above its own guide, adjusted gross margin of 30.8% on minimal one-time benefit, and FCF of $113.6M and raised the low end of FY26 EBITDA and EPS guidance and lifted the gross margin range to 27-28%, but flagged that revenue could land below the midpoint on project timing; RUN 2Q value came in near the top of guidance (Aggregate Subscriber Value ~$1.2B, record 74% storage attach), but volumes fell 31% y/y and upfront NSV compressed to ~$2K (4% margin) on front-loaded costs from the direct-channel transition. FY26 guidance was cut (cash generation to $200M-$375M, ASV to $4.6B-$4.9B).
• Energy sector: OXY shares rose on earnings as reported its highest quarterly profit since 2022, surpassing Wall Street expectation; global production rose 2.4% to 1.43 million barrels of oil equivalent per day; Realized oil prices surge more than 50% year-over-year; COP reported results and said that any delays to the Qatar LNG project would likely be in months rather than a year or more, adding that it does not expect a material impact on free cash flow.

• Payments sector: FISV shares fell as Q2 adj revs -4% to $4.96B missing ests $5.04B and adj EPS for Q2 decreased 26% and missed analyst expectations ($1.84 vs. $1.91); cuts FY26 adjusted EPS view to $7.20-$7.40, from prior view $8.00-$8.30 and  now expects organic revs for 2026 of (1%) to 0%. GPN was upgraded to Outperform at Wolfe Research after reported an in-line Q226 and reset guidance to account for Mideast impacts and in Wolfe’s view, include 2H26 conservatism. FOUR shares fall after cutting its guidance as sees FY26 adjusted EPS view to $5.15-$5.35 from $5.50-$5.70 (est. $5.56) and sees FY26 gross revenue less network fees $2.48B-$2.53B.

• Financial Services: LZ shares tumbled, downgraded to Neutral at JP Morgan as FY26 revenue guide cut to ~6% growth ($795$805M) from ~8% ($810-$830M) and mgmt now envisions LSD revenue growth in the back-half of the year, attributed to a structural headwind w/primary search channel.
• Mortgage Services: ZG strong Q2 results, with revenue and adj. EBITDA both above consensus. For Sale revenue growth in the mid-teens outpaced industry transaction value, while Rentals grew in the low thirties and Mortgages accelerated sharply as purchase originations nearly doubled (downgraded at Evercore saying despite Q2 beat, the H2:26 outlook was notably soft). UWMC shares tumbled over -40% after swinging to net loss for quarter and suspends dividend;

• GNL reported a 2Q26 AFFO beat (+$0.01). GNL increased its FY26 AFFO guidance by 1.8% to $0.82-$0.85 (above cons. of $0.83) and increased its gross transactions guidance by 150% to ~$750M, as a result of including the Modiv acquisition (set to close mid-August).
• HPP upgraded to Overweight from Neutral at Piper based on the surging West Coast Office rebound, now spreading to Seattle. Piper had become more enthusiastic about West Coast Office earlier this year.
• INN Q2 Adj. EBITDA/FFO beat cons. Management increased ‘26 Adj. EBITDA guidance by nearly 2% at the midpoint, which include a 75 bps increase to RevPAR growth guidance due to better 2Q results and improvement in the 2H outlook.
• LTC Q2 cFFO missed cons. Management affirmed the midpoint of ’26 cFFO guidance, which is ~1% below cons. While Core SHOP NOI was affirmed, occupancy guidance decreased 80 bps to +70 bps y/y. Management increased SHOP acquisition guidance by $300M to $900M in ’26.
• O reported 2Q26 AFFO that was in line with cons. and mgmt. raised its FY26 AFFO guide by 0.5% (+3.9% y/y) and its investment guide by 5.3% to $10B. Despite investments moderating to $2.1B at a slightly higher cap rate of 7.3%, the forward pipeline remains healthy.
• REXR was downgraded from Buy to Hold at Jefferies as remains cautious on the earnings outlook, as nearly half the portfolio is set to roll through 2027-2029 after being leased at peak COVID Era rents.
• SMA reported 2Q results modestly ahead of expectations, in our view. FFO, as Adjusted, was in line to slightly above consensus (source-dependent), and mgmt raised FY26 guidance by 1% at the midpoint, driven primarily by stronger same store expectations (+25 bps SSREV, +140 bps SSNOI).
• TRNO reported 2Q26 FFO of $0.70, $0.01 ahead of consensus. While SSNOI growth moderated to 6.8% as expected, fundamentals remain healthy.
• Research changes:

• INSM shares surged after the biopharma raised its FY26 Brinsupri guidance to $1.25B-$1.4B from prior view at least $1B and raised its peak revenue estimate for TPIP to more than $6B; Q2 revs nearly quadrupled to $425.5M vs. est. $393.7M
• IOVA shares jumped after Q2 revs $99.3M beat the $87.83M estimate saying after Q2 performance and strong demand trends, co is reviewing previously issued 2026 revenue forecast of $350M-$370M and will provide an update during Q3.
• Healthcare Services: AMZN launches GLP-1 medication delivery for eligible Medicare Part D patients at $50 per month, offering same-day delivery across 3,100+ U.S. cities for drugs including Wegovy and Zepbound, with expansion to nearly 4,500 cities by end of 2026.

• E&C and power sector: SEI delivered sharply higher-than-expected Q226 adjusted EBITDA (+24.0% versus Stifel’s estimate, +20.7% versus consensus), raised Q326 guidance by 11.4% at the midpoint versus the consensus, and expanded three long-term contracts. Management also expects Q426 EBITDA of $100-120M, 12.8% higher than the midpoint of the Q3 guide.
• Chemical sector: CF reported softer than expected results as volumes contracted a lot in Ammonia, UAN and AN, only partially offset by higher Urea volumes. Pricing was solid across the board, as expected; EPS of $4.73 was again up YoY but below consensus. NTR delivered a mixed print as the topline came in ahead, while EBITDA and EPS were below consensus estimates. The FY guide remains largely intact, with the low end of Potash sales volumes ticked modestly higher.
• Aerospace sector: HONA shares tumbled in first report as spin off from Honeywell as guides 2026 organic sales growth of 4%-5%, down from prior view 7%-9% increase and cuts year adj EPS to $7.60-$7.90, below analysts’ expectation of $8.86 after Q2 adj profit fell -32% y/y. BKSY shares rallied after Q2 results as revs rise 50% y/y topping estimates after reaffirms outlook, while YSS shares declined in the space sector on results; JOBY posted $39M in Q2 revenue and raised its full-year revenue guidance to $115M–$125M.
• Defense sector: AXON reported solid FQ226 results, with revenue of $904.4M, up 35% Y/y, above consensus of $875.9M, while adjusted EBITDA of $242.0M, up 41% Y/y, outperformed consensus of $221.0M; RDW reported Q226 revenue of $117M vs the Street’s $107M and Q2 adjusted EBITDA was a loss of $3.2M vs the Street’s loss of $4.2M as rev beat was a function of continued demand strength across both Space and Defense Tech end markets and improved backlog conversion; in gov’t IT services, CACI shares jumped after results and guidance (BAH, LDOS, SAIC up in reaction).

• Communications & Networking: AEVA share a bright spot post earnings, delivering in-line results and maintaining 2026 expectations, while announced a potentially transformational development agreement with a hyperscaler to commercialize optical connectivity solutions for data centers leveraging its core silicon photonic.
• Gaming software: APP shares tumble after Q2 results, as Piper cut to Neutral (tgt to $385 from $665) after APP slightly missed the midpoint of rev guide (-30bps below) and EBITDA (-100bps below) both for the first time since going public. Management attributed the miss to the timing of model improvements, which will reverse in Q3. Unity Software (U) shares rose after Q2 revs $546.46M topped consensus $514.6M led by Unity Vector AI and Grow Solutions; non-strategic revenue declined and guides Q3 strategic revenue of $540M-$550M (+44%-47% y/y) and expects Q3 adjusted EBITDA of $185M-$190M, up 69% to 74% y/y.
• Media sector: shares of FOXA and NWS both rising post earnings results; NWSA Q4 revs rose 11% y/y to $2.34B beating $2.23B estimate driven by Digital Real Estate, Book Publishing and Dow Jones segments; FOXA Q4 EPS and revs ($4.21B vs. $3.64B) topped estimates as the FIFA World Cup boosted advertising sales during a busy news cycle (ad revs surged 78% to $1.92B); Fox One recorded 2.8 million sign-ups in June, its strongest month since the service’s launch in August. Broadcasters NXST, SBGI, GTN were higher after the FCC voted to repeal its 39% national television multiple ownership rule and replace it with a case-by-case review.
• AI/data center names fairly quiet on news today: NBIS shares fell over -12% amid concerns about the proposed expansion of the company’s facility in N.J. The public hearing turned contentious as residents raised issues including the impact on water use, power, and air quality; GOOGL is looking to raise between $20 billion and $25 billion from its latest U.S. bond offering according to Bloomberg in what is expected to ne a 10-part offering.
• Robotics sector: SYM Q3 sales came in at the top end of the guide and slightly above consensus, while EBITDA and gross margins surprised to the upside.

• CRUS posted in-line F1Q (Jun) results and guided F2Q (Sep) lower. Demand from iPhone was strong as AAPL revs grew +18% y/y. Notably CRUS lowered its FY27 outlook for PC NB revs citing multiple factors, incl component shortages, higher memory, and customers delaying new launches. CRUS also noted it was not seeing pricing pressure
• MKSI reported 2Q EPS of $3.30 vs. consensus $2.91 on Sales of $1.248B vs. est. $1.195Band 3Q guide came in above consensus on all metrics; realizes “double duty” AI benefits in both its Semiconductor (+28% y/y) and Electronics & Packaging (+43% y/y) segments
• SNDK results beat guidance with revenues/EPS/FCF at 6%/13%/72% above Street, respectively while the Q3 revenue guide of $10.55B missed St expectations of $10.74B on more muted pricing while gross margins came in higher; also indicated they have now signed a total of 8 NBMs (diverse data center and OEMs; weighted avg duration of 4 years) which represent 50%/~66% of their bits.
• WDC shares tumbled despite a Q2 beat, as Wall Street noted while good, was not as good as peer STX recently; delivered a modest beat on earnings relative to consensus for F4Q26 as well as on its F1Q27 guidance, with the upside to consensus revenue driven primarily by pricing, which tracked better than expected at roughly +high teens % y/y.