The US stock market reached an all-time high on Tuesday, August 5th, 2026, driven by optimism over a potential agreement to reopen the Strait of Hormuz and strong corporate earnings reports. The S&P 500 surged 1.8 percent, surpassing 7,700 for the first time and exceeding its previous record of 7,620.90 set on June 2nd.

Among the notable corporate performers, Palantir Technologies, a data analytics firm linked to US and Israeli defense sectors, saw its shares jump 29.5 percent following second-quarter revenue of $1.94 billion, well above forecasts. Meanwhile, Elon Musk’s SpaceX reported losses that were smaller than expected.

Oil prices fell, with Brent crude—the main international benchmark—edging lower after a roughly 5 percent drop overnight. This decline reflects hopes for an end to the months-long disruption of shipping through the Strait of Hormuz, a vital passage for about one-fifth of global oil supplies before the US-Israel war on Iran began in late February.

Shipping activity remains reduced, with only nine vessels transiting the strait on Sunday compared to approximately 130 daily crossings prior to the conflict, according to ship-tracking platform MarineTraffic. US Central Command stated on social media that over the past three months, US forces have assisted more than 1,000 vessels in safely transiting the strait despite "unwarranted Iranian aggression," and these transits continue.

Other global events reported include Sri Lanka shutting schools due to floods and mudslides that killed seven people, and a Russian ballistic missile attack on Kyiv that resulted in one death and 12 injuries.

Sources