S&P 500 and Nasdaq edge higher amid Middle East developments while Sandisk leads technology losses
The S&P 500 and Nasdaq Composite advanced modestly on 6th August as traders monitored efforts to reopen the Strait of Hormuz and digested mixed corporate earnings, with notable declines in Sandisk, AppLovin and Western Digital shares.
6th August 2026 – (New York) The S&P 500 and Nasdaq Composite indices recorded slight gains on Thursday as market participants paid close attention to ongoing diplomatic discussions concerning the reopening of the Strait of Hormuz. The prospect of a deal involving Iran and Oman to restore shipping access without tolls led to marginally higher oil prices, while uncertainty persisted about the eventual terms of any arrangement. Deutsche Bank strategist Jim Reid remarked that the markets continue to focus on the outstanding issues surrounding potential tolls and the durability of such agreements after numerous inconclusive moments during the conflict. Amid heightened geopolitical interest, the broader market index rose by 0. 2 per cent, and the Nasdaq Composite gained 0. 5 per cent, whereas the Dow Jones Industrial Average traded close to unchanged levels. Semiconductor stocks were instrumental in lifting the Nasdaq, with Broadcom advancing nearly 2 per cent, Marvell Technology up 3 per cent and Nvidia also trading in positive territory. The VanEck Semiconductor ETF similarly registered a rise of nearly 2 per cent. However, sentiment in the technology sector was tempered by disappointing figures from key firms. Sandisk shares dropped by 13 per cent after delivering quarterly results that failed to meet investor expectations. AppLovin experienced a decline of 16 per cent following mixed results, and Western Digital lost 18 per cent despite surpassing fourth-quarter estimates, as its first-quarter outlook fell short of forecasts. Elsewhere, Peloton’s share price declined by more than 14 per cent during morning trading after the firm projected lower sales for the coming fiscal year, attributing this to increases in hardware and subscription prices. Despite matching earnings estimates and beating revenue consensus, Peloton expects year-on-year growth in its gross margin and adjusted earnings. Overall, Thursday’s session reflected cautious optimism in some areas of the market, tempered by weakness in the technology space and ongoing vigilance regarding developments in the Middle East.