Jobs Report Drives Market Volatility 08/05/2026

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Market wrap:

• U.S. stocks slipped Thursday, with the S&P 500 and Nasdaq Composite easing from record highs as investors tracked fresh Middle East developments. The S&P 500 fell 0.38%, the Nasdaq lost 0.13%, and the Dow Jones Industrial Average dropped 313.62 points, or 0.63%. The move followed reports that Iran pushed back against a U.S. proposal to reopen the Strait of Hormuz, calling the plan unrealistic and demanding reparations for damage from the conflict. Oil-market concerns remained central as the Iran war entered its 69th day. Shell CEO Wael Sawan warned that disruptions have already taken about 1 billion barrels of oil out of the market, even as Tehran reportedly reviews another U.S. ceasefire proposal. Consumer weakness also came into focus.
• Whirlpool sank 11% on recession-level demand signals, while high gasoline prices continued to squeeze households. Michael Burry added to bearish Nvidia bets, comparing the AI rally to the dot-com era. Tech shares held relatively firm, helped by gains in Tesla after the stock broke above $400, while cybersecurity names also advanced. McDonald’s beat expectations but warned that gas-pump pressure is weighing on consumers. Investors now turn to Friday’s jobs report, with economists expecting April payrolls to rise by just 55,000 and unemployment to hold at 4.3%. Toyota, Wendy’s and Brookfield Asset Management report before the open.

Oil Jumps as Hormuz Clash Tests Fragile Ceasefire

• Oil climbed Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh doubts over a fragile ceasefire and threatening further disruption along one of the world’s most important energy routes. Brent crude rose 1.2% to $101.26 a barrel, while West Texas Intermediate gained 0.9% to $95.64. Washington and Tehran blamed each other for the flare-up, which came as Iran reviews a U.S. proposal to end the war. President Donald Trump told ABC News the ceasefire remained intact, describing the strikes as “just a love tap.” In a Truth Social post, he said U.S. forces had destroyed Iranian boats and drones involved in the clash, while warning of further action if Tehran rejects a nuclear deal.
• The incident dimmed optimism over a reopening of the Strait of Hormuz and added to volatility in crude markets, with ANZ warning that the risk of a U.S. peace deal breaking down is likely to keep oil prices unstable. Citi analysts said broader markets may stabilize, but warned the path toward normalization remains uneven and could keep oil prices elevated in the months ahead, especially if shipping disruptions persist.

Stocks on the move:

• CoreWeave (CRWV): Shares fell about 10% after the cloud infrastructure company issued second-quarter revenue guidance that missed Wall Street expectations. CoreWeave forecast revenue of $2.45 billion to $2.6 billion, with the midpoint below the $2.69 billion LSEG consensus.
• Airbnb (ABNB): The vacation rental platform rose 1% after first-quarter revenue topped estimates, coming in at $2.68 billion versus the $2.62 billion expected by LSEG. Earnings missed expectations at 26 cents per share, below the 29 cents analysts projected.
• Coinbase Global (COIN): Shares dropped 5% after the crypto exchange reported a surprise first-quarter loss and revenue miss, according to LSEG. Transaction and subscription revenue also came in below expectations.
• Akamai Technologies (AKAM): Shares surged 25% after the cybersecurity and cloud company said a leading U.S.-based frontier model provider committed $1.8 billion over seven years to its Cloud Infrastructure Services. Akamai also beat first-quarter adjusted earnings estimates, while revenue matched expectations.
• Trade Desk (TTD): The ad-tech stock sank 14% after current-quarter revenue guidance of at least $750 million came in below the $771 million analysts expected, according to LSEG. First-quarter adjusted earnings also missed estimates at 28 cents per share versus the 32 cents forecast.
• Block (XYZ): Shares gained about 8% after the fintech company issued second-quarter and full-year adjusted earnings guidance above FactSet consensus estimates.

Watchlist: CRWV, ABNB, IREN, COIN, TTD, FIG, XYZ, RKLB, MU, LYFT

Key Economic Events Today:

EST time

08:30 am: USD Non- Farm Employment Change
08:30 am: USD Unemployment Rate
10:00 am: USD Consumer Sentiment
10:00 am: USD Inflation Expectations
10:00 am: USD Final Wholesale Inventories
07:30 pm: USD FOMC Member Goolsbee Speaks
07:30 pm: USD FOMC Member Bowman Speaks
07:30 pm: USD FOMC Member Waller Speaks


Earnings

BMC (Before Market Open): Enbridge (ENB), Brookfield Asset (BAM), AngloGold (AU), PPL Corp. (PPL)



The TEFS Analyst team wishes you a successful day!