SpaceX and Palantir Earnings Drive U.S. Stock Market Highs

The Dow Jones Industrial Average and S&P 500 reached new all-time highs during the week ending August 8, 2026. This rally was primarily driven by strong second-quarter financial results from two major technology firms.

Space Exploration Technologies Corp. saw its shares rise over 20% after reporting second-quarter revenue of $7.8 billion, representing a 90.2% year-over-year increase. The company also reported a GAAP EPS of -$0.09, which beat analyst estimates. Similarly, Palantir Technologies experienced a surge in share price of approximately 38% after surpassing Wall Street forecasts and raising its full-year outlook.

These gains occurred alongside contrasting economic data from the U.S. Bureau of Labor Statistics. The agency reported that nonfarm payrolls declined by 23,000 in July, missing the consensus estimate of an 88,000 increase and reversing the growth seen in June.