Wednesday, August 05, 2026 — Strait of Hormuz deal chatter drives the tape, Dow closes above 47,000 for the first time, and Nvidia gets a Musk endorsement while AMD gets brushed off.

Trump says a deal to reopen the Strait of Hormuz is possible as early as today. Oil sliding on the headlines, good signal for the broad market. The issue is, we’ve been here before. Bandar Abbas hasn’t seen a real ceasefire. Price the deal when tankers move, not when tweets fly. Dow 47,000. Falling oil and decent earnings doing the heavy lifting. Not sure people appreciate how much energy costs were a stealth tax on everything. Nvidia rising on Musk saying SpaceX will exclusively use their chips. Lisa Su says it doesn’t matter — the market disagrees, AMD sinking after earnings. Watch this: Michael Burry is short Nvidia, Tesla, Palantir and warning of a 1987-style crash. The AI trade has a big target on its back.

Trump says a deal to reopen the Strait of Hormuz is possible as early as today. Oil sliding on the headlines, good signal for the broad market.