Nasdaq Index and S&P500: SpaceX Lockup Tests AI Trade as Sandisk Bounce Fades

• SpaceX is testing its lockup period which allows up to 20% of restricted insider and early-investor shares to be sold, with the stock trading near its all-time low despite the intraday recovery attempt.
• Sandisk's data-center revenue rose over 400% in 2026 versus 2025 and doubled quarter-over-quarter, but investors are selling on concerns that upside revisions cannot maintain their historic pace despite beating revenue estimates.
• Iran and Oman are working toward a temporary arrangement for Strait of Hormuz transit, which if successful would contain oil prices and reduce inflation pressure on equities, though confirmation requires resumption of normal tanker traffic.

Market Summary: AI Trade Under Pressure as Tech Stocks Struggle

Key Market Movements:

U.S. equity indexes showed mixed performance on August 6, 2026, with underlying weakness in tech stocks. The S&P 500 declined 0.11% to 7,715, the Nasdaq gained just 0.04%, while the Dow dropped 0.54% (-295 points). Markets confirmed closing price reversal patterns suggesting potential pullbacks toward 50-day moving averages.

Featured Stocks:

SpaceX (SPCX, +1.43%): Rebounded intraday from $105.11 to $115.75 before fading to $109.22, near its all-time low of $104.83. A lockup expiration allowing 20% of restricted insider shares weighed on sentiment. Key resistance zone at $113-$116 capped gains.

Sandisk (SNDK, +0.69%): Rallied from $1,558.61 to $1,696.37 but surrendered most gains, settling at $1,610.33. Despite strong fundamentals—data-center revenue up 400% year-over-year and doubling quarter-over-quarter—the stock has established lower highs since June's peak of $2,354.39.

Market Drivers:

AI spending concerns dominated trading, with investors selling companies where capital expenditure growth outpaces return visibility. AppLovin posted sharp declines after mixed results. Memory and semiconductor stocks including Seagate, Micron, SK Hynix, Intel, AMD, and Marvell remained under pressure despite strong earnings.

Geopolitical Factors:

Oil prices edged higher as Iran and Oman negotiated temporary Strait of Hormuz transit arrangements. Market awaits confirmation through resumed tanker traffic rather than diplomatic statements.

Outlook:

Technical patterns suggest possible corrections to support levels. Friday's payroll report could intensify pressure if strong, adding rate concerns to existing valuation questions in tech.