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Here is Your Complete Market Rundown (08/04/2026):
Top Stories
US Trade Deficit Narrows to $73.3 Billion While Job Openings Slip to 7.4 Million in June
The US trade deficit narrowed to $73.3 billion in June as imports fell 1.8%, slightly missing forecasts. Job openings declined to 7.36 million, below expectations of 7.4 million, signaling cooling labor demand. Canada posted a C$3.86 billion trade surplus on record exports and a weaker dollar.
Trump Pressures Iran for Immediate Hormuz Deal as Military Tensions Escalate
President Trump demands Iran agree to a Hormuz Strait deal by Tuesday or face air strikes, while Qatar confirms ongoing diplomatic efforts with drafted language for a possible agreement. Iran’s President Pezeshkian refuses to resign amid crisis, as military adviser threatens U.S. warships challenging Iran’s Hormuz control.
US-Japan Currency Intervention Jolts Yen Markets, But Sustainability Questioned
The United States and Japan executed a rare coordinated intervention to support the weakening yen, though USD/JPY has already rebounded nearly 300 pips from intervention lows toward 158. BOJ data suggests no follow-up intervention occurred Monday despite the yen’s surge, raising doubts about lasting impact without Bank of Japan rate hikes.
SpaceX Beats Revenue Estimates in First Public Earnings Despite Operating Loss
SpaceX reported first-quarter revenue of $7.81 billion, exceeding the $6.82 billion estimate, with adjusted EBITDA of $3.5 billion. The company posted a net loss of $541 million and operating loss of $1.3 billion amid $18.37 billion in capital expenditures. Starlink reached 12 million subscribers.
Pfizer Leads Strong Q2 Earnings Season with Revenue Beat and Raised Guidance
Pfizer topped estimates with $15.03B revenue and raised full-year guidance to $60.5B-$62.5B. Industrial stocks showed strength as Caterpillar beat by $1.97 per share and TransDigm grew revenue 23%. McDonald’s posted mixed results with 1.3% comparable sales growth missing expectations while naming new U.S. president.
Company News
Palantir Technologies Inc. (PLTR)
Performance Overview
1D Change: 29.45%
5D Change: 34.27%
News Volume: 255
Unusual Volume Factor: 8x
Palantir Stock Surges 30% on Record 93% Revenue Growth and Raised Guidance
Palantir Technologies delivered exceptional second-quarter 2026 results that sent shares soaring nearly 30% in their best single-day performance since February 2024. The data analytics company reported revenue of $1.94 billion, representing 93% year-over-year growth, while earnings per share of $0.41 beat expectations of $0.33. The company generated $1.1 billion in profit with a shrinking sales team, according to CEO Alex Karp. The standout performance came from Palantir’s U.S. Commercial segment, which exploded 149% year-over-year, described by management as “otherworldly” demand for enterprise AI software.
The company raised its full-year revenue guidance to $8.15 billion, marking its largest guidance increase to date, with analysts now projecting 134% U.S. Commercial growth for 2026. Free cash flow reached $1.22 billion in the quarter. Wall Street responded enthusiastically with multiple upgrades. Deutsche Bank upgraded the stock to Buy from Hold with a $200 price target, calling the results “exceptional even by the company’s own increasingly anomalous standard.” Citi raised its target to $245 from $200, while other firms including BofA, DA Davidson, Truist, and UBS also lifted their price targets, with several analysts noting Palantir is operating “several steps ahead” of competitors in the AI race.
The rally contributed to broader market strength, helping push the S&P 500 to record highs and lifting the Dow 1,000 points. Palantir’s stock surge inflicted approximately $3 billion in losses on short sellers. The company also received a boost from unrealized gains on its SpaceX investment, which added $0.03 to GAAP earnings per share. CEO Alex Karp used the earnings call to criticize rival AI labs for what he termed “Marxist overtones,” while emphasizing that Palantir’s results were built on execution rather than Silicon Valley culture. Analysts highlighted that the company is demonstrating real AI monetization at a time when questions persist about returns on AI investments across the technology sector.
Snap Inc. (SNAP)
Performance Overview
1D Change: 13.49%
5D Change: 22.48%
News Volume: 57
Unusual Volume Factor: 28x
Snap Inc. Reports Strong Q2 Results with 19% Revenue Growth, Stock Jumps on World Cup Ad Boost
Snap Inc. posted second-quarter earnings that exceeded expectations, with revenue surging 19% to $1.3 billion, driven by World Cup advertising and improved AI tools. The stock gained 6.6% in pre-market trading following the results and strong forward guidance. CEO noted that only 3% of Snapchat users currently pay for subscriptions, viewing the low penetration as a growth opportunity. Analysts remain divided on the results, with some citing solid footing while others caution it’s too early to call a turnaround. The company continues operating in Meta’s shadow despite improving advertising trends across the platform.
Caterpillar Inc. (CAT)
Performance Overview
1D Change: 5.46%
5D Change: 4.18%
Caterpillar Posts Record $20.5 Billion Quarter, Crushes Estimates on Data Center Boom
Caterpillar reported historic second-quarter results on August 4, 2026, marking the first time the industrial equipment manufacturer exceeded $20 billion in quarterly revenue. The company posted adjusted earnings per share of $8.17, significantly beating analyst estimates of $6.17, while revenue of $20.5 billion surpassed expectations of $19.3 billion. The 73% year-over-year jump in adjusted earnings was driven primarily by surging demand for power generation equipment tied to artificial intelligence data center construction.
Revenue climbed 24% compared to the prior year, with the Power and Energy segment generating $8.24 billion and Construction Industries contributing $8.35 billion. Operating profit reached $4.3 billion, exceeding the $3.6 billion estimate by 50%. North America led regional performance with a 37% revenue increase, reflecting robust industrial activity. The company’s order backlog swelled to $72.1 billion, rising $9.4 billion from the first quarter and $34.6 billion year-over-year, signaling sustained demand momentum. Management raised its full-year 2026 sales growth outlook to the mid-to-high teens range following the strong quarter.
However, the company anticipates approximately $2.2 billion in tariff-related costs for the fiscal year. Caterpillar returned over $2 billion to shareholders during the quarter through $1.5 billion in share repurchases and $700 million in dividends. The stock surged approximately 10% in premarket trading and helped lift the Dow Jones Industrial Average by over 1,000 points during regular trading. Oppenheimer raised its price target on Caterpillar shares following the results.
The company’s performance underscores how the AI infrastructure buildout is creating demand beyond traditional technology suppliers, benefiting industrial equipment manufacturers supplying power generation and construction machinery for data center projects. The quarter demonstrated what management called broadening momentum across Caterpillar’s business segments, with the data center boom emerging as a significant growth driver alongside traditional construction and mining equipment demand.
Kimberly-Clark Corporation (KMB)
Performance Overview
1D Change: 3.73%
5D Change: -1.36%
Kimberly-Clark Beats Profit Expectations But Cuts Outlook After China Social Media Crisis Hits Huggies Sales
Kimberly-Clark reported second-quarter adjusted earnings per share of $2.12, beating estimates of $2.01, while revenue of $4.19 billion fell short of the $4.23 billion forecast. Adjusted operating profit reached $757 million, exceeding expectations, with gross margins expanding 190 basis points year-over-year to 38.8 percent. However, the company lowered its full-year growth forecasts following a social media firestorm in China over quality claims that disrupted Huggies diaper sales. The company also cited impact from a depot fire. Despite the challenges, Kimberly-Clark maintained guidance for high single-digit adjusted EPS growth and mid-single-digit operating profit growth at constant currency for fiscal 2026. Freedom Broker upgraded the stock to buy following the results.
Currencies Events
Yen Holds Intervention Gains Amid Rising Bond Market Pressure
The Japanese yen maintained recent gains following suspected intervention, while traders remain vigilant for additional currency support measures as bond market pressures intensify.
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Geopolitics Events
Trump Administration Drafting Ban on Chinese Data Center Components Over Security Concerns
The Trump administration is preparing an FCC rule to ban imports of Chinese optical transceivers used in AI data centers, citing national security risks. The proposed measure would prohibit new Chinese-made devices that transmit data across fiber networks, a critical component in data center infrastructure. The rule is expected to be introduced this year.
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Earnings Events
Tech Earnings Season Tests AI Revenue Promises Amid Surging Demand
Multiple technology companies face investor scrutiny over AI monetization as earnings season unfolds. ON Semiconductor beat Q2 guidance with $1.6B revenue, projecting AI data center sales to double by 2026 amid extended lead times. Software firms Blackline, Freshworks, and DigitalOcean report results testing whether AI adoption can offset competitive pressures. Astera Labs and Recursion Pharmaceuticals face questions on sustaining AI-driven growth, while NVIDIA invests heavily in a superintelligence research lab as token demand exceeds forecasts.
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Amgen Beats Q2 Estimates, Raises Guidance While Discontinuing Obesity Drug Development
Amgen reported second-quarter revenue of $10.05 billion, exceeding the $9.44 billion estimate, with adjusted earnings per share of $6.29 versus $5.62 expected. The biotech raised its full-year outlook following strong drug sales growth but announced it will end early development of its obesity treatment.
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AMD Beats Earnings Estimates But Stock Falls 7% on Modest Revenue Guidance
AMD exceeded Q2 earnings and revenue forecasts driven by data center growth, yet shares dropped over 7% in after-hours trading as investors deemed the guidance insufficient following the stock's recent rally.
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Booking Holdings Shares Rise After Q2 Earnings Beat Estimates on Strong Travel Demand
Booking Holdings exceeded second-quarter expectations with revenue of $7.35 billion versus $7.18 billion estimated. The travel company reported gross bookings of $51.0 billion, surpassing the $49.68 billion forecast, while adjusted EBITDA reached $2.65 billion against expectations of $2.56 billion. Shares gained following the results.
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Macro Events
U.S. Trade Deficit Narrows to $73.3 Billion as Canada Posts Four-Year High Surplus; Job Openings Slip in June
The U.S. trade deficit narrowed to $73.3 billion in June from a revised $77.65 billion in May, roughly matching economist expectations of $73.0 billion. The improvement came primarily from falling imports, which declined 1.8% while exports dropped 0.9%. Both figures aligned closely with forecasts. Meanwhile, Canada recorded a merchandise trade surplus of C$3.86 billion in June, reaching a four-year high driven by record exports and imports, aided by a weaker Canadian dollar. U.S. labor market data showed job openings fell to 7.359 million in June from May's revised 7.594 million, missing the 7.400 million forecast and marking a three-month low. The decline raised questions about labor demand momentum, though layoffs remained limited and hiring increased, suggesting continued resilience in the job market. Factory orders unexpectedly fell 0.3% in June, missing forecasts for 0.2% growth. However, durable goods orders data was revised to show a 0.5% increase, beating the 0.3% forecast, with core capital goods orders excluding aircraft surging 1.2% versus the 0.9% estimate. The strength in durable goods reflected continued AI-related spending keeping factories active.
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Fed's Paulson Signals Readiness to Act on Stubborn Inflation as Treasury Pushes FIMA Expansion
Federal Reserve official Paulson warned the central bank will act if inflation progress stalls, calling current monetary policy conditions complicated while inflation remains elevated. Treasury Secretary Bessent advocated for expanding the Fed's foreign repo facility to support the Japanese yen, warning yen depreciation could trigger broader currency weakness. The push potentially draws the Federal Reserve into currency stabilization efforts alongside its inflation-fighting mandate.
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Oil And Gas Events
Saudi Aramco Profits Surge 33% as Iran Tensions Drive Oil Prices Higher
Saudi Aramco's second-quarter profit jumped 33% amid elevated oil prices driven by US-Iran conflict. The company maintained exports through pipelines bypassing the Strait of Hormuz. BP also reported doubled quarterly profits, while oil markets showed volatility on mixed diplomatic signals.
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Corporate Actions Events
Procter & Gamble Acquires Supplements Brand Thorne for $3.8 Billion
Procter & Gamble announced the acquisition of supplements maker Thorne for $3.8 billion, CEO Jejurikar confirmed to CNBC, marking the consumer goods giant's expansion into the health supplements market.
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HSBC Announces $1 Billion Share Buyback After Quarterly Profit Surge
HSBC reported sharply higher quarterly profits driven by higher interest rates and wealth management gains, prompting the bank to resume share buybacks with a $1 billion program.
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Polymarket Seeks $1 Billion Funding Round at Over $20 Billion Valuation
Prediction-markets platform Polymarket is in early talks with investors to raise approximately $1 billion at a valuation exceeding $20 billion, according to Bloomberg News. The proposed valuation would more than double the company's $9 billion valuation from its October 2025 funding round.
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Apple Seeks Injunction Against OpenAI in Trade Secrets Dispute
Apple has filed for a preliminary injunction against OpenAI, claiming irreparable harm from alleged theft of proprietary information. The iPhone maker accuses OpenAI of a coordinated campaign to steal trade secrets. OpenAI fired back within hours, calling Apple's lawsuit "careless, aggressive and oddly personal" in a blog post and releasing text messages as part of its defense. The escalating legal battle marks a significant clash in the AI hardware space.
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Real Estate Events
Prologis Acquires UK's Largest REIT Segro for $18.8 Billion
US logistics giant Prologis agreed to purchase Segro, Britain's largest real estate investment trust, in a deal valued at approximately £14 billion ($18.8-19.2 billion), marking Segro's exit from the UK market.
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Crypto Events
Coldcard Bitcoin Wallet Hack Surpasses $100 Million in Stolen Funds
A firmware flaw from 2021 affecting Coldcard Bitcoin wallets has resulted in losses exceeding $100 million, with 1,596 Bitcoin stolen. Researchers warn total losses could reach $130 million. The exploit compromised wallet seed generation, putting self-custody users at risk, though experts suggest the stolen Bitcoin may prove difficult to spend.
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