On August 7, 2026, the Nasdaq Composite achieved a new all-time intraday high, increasing by 0.45% to close at 27,244.28. The index's rise was bolstered by a nearly 7% surge in Sandisk shares following a bullish forecast from Rosenblatt.
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In contrast, the S&P 500 ended slightly lower at 7,764.64, while the Dow Jones Industrial Average dropped 185.14 points, or 0.36%, closing at 51,863.69. Oil prices fell for the fifth consecutive day, with Brent crude futures settling down 1.09% at $99.25 per barrel and U.S. crude futures declining 1.24% to $94.59 per barrel.
President Donald Trump described a "very good meeting" with Iran's delegation, which lasted for three hours, and suggested a potential deal with Iran might emerge after the upcoming midterm elections. Reports indicating Iran's willingness to reopen the Strait of Hormuz within a week contributed to the decline in oil prices. However, these reports have not been independently verified.
In Wall Street's previous trading session, the S&P 500 had its best day since August 4, while the Nasdaq recorded its first record close since June. Factors contributing to the market's performance included falling oil prices and a decrease in Treasury yields. The yield on the 10-year Treasury note fell to 4.959% as traders adjusted to recent economic conditions following a Federal Reserve rate hike.
Tom Garretson of RBC Wealth Management noted potential complacency in the markets regarding the possibility of further rate increases by the Fed. Attention is now turning to an upcoming summit between Trump and Chinese leader Xi Jinping, where a range of issues, including artificial intelligence, tariffs, and tensions with Iran, are expected to be discussed.