0805 | US Stocks Record High; Eli Lilly Surges, SpaceX Drops 13%, AMD Sinks

Mia: Welcome to After Market, the Bri podcast where we recap the biggest moves and the stories that shaped the trading day. I'm Mia.

Milo: And I'm Milo. Big day today — US stocks closed at a fresh all-time high, Eli Lilly is jumping after the bell, and SpaceX is very much in the spotlight.

Mia: We'll dig into the market records, the after-hours earnings reaction, the SpaceX slide, and what Iran and Oman are up to in the Strait of Hormuz.

Mia: Let's start with the tape. US stocks closed at an all-time high — the first since June — and equity futures were higher afterward, with the rally supported by strong earnings.

Milo: And it wasn't just the broad indexes. The Nasdaq 100 notched a top-ten bullish reading of the past decade, with coverage describing stock bears as, in a word, obliterated.

Mia: Scott Nations, president of Nations Indexes, put it this way: pessimists threw in the towel and optimism was running amok today.

Milo: Now here's the twist — Wall Street's fear gauge, the Cboe Volatility Index, is doing something unusual while stocks sit at records. That matters because stocks and the VIX typically only move together about twenty percent of the time.

Mia: Meanwhile SpaceX extended its slide, with its AI spending putting a damper on its first earnings report. And oil rose after Houthi militants issued a fresh threat against Middle East shipping, offsetting optimism over a potential US-Iran deal. Matt McLennan of First Eagle Investments also weighed in on the resilience in corporate profit margins. So the watch list for the next session is a packed one.

Mia: Eli Lilly is the clear standout in Wednesday's after-market tape. The stock jumped after the drugmaker crushed quarterly estimates — that's the characterization in the commentary we've seen — driven by surging sales of Zepbound and Mounjaro, its two GLP-1 treatments.

Milo: And this was another beat-and-raise quarter. Eli Lilly now expects 2026 revenue between eighty-five and eighty-seven billion dollars, up from a prior range of eighty-two to eighty-five billion. The upward revision is tied directly to the strength of the GLP-1 business.

Mia: Analyst commentary we're tracking sees that franchise as still having room to run, and it includes a price-target hike for the stock. The point for investors is that the growth narrative stays anchored to GLP-1 demand, and the raised 2026 outlook signals confidence beyond the current quarter.

Milo: Now, a caveat — the reports we have don't spell out the exact size of the jump, the new price target, or the precise numbers behind the beat. So the thing to watch from here is the actual earnings and sales figures, the revised target, and whether the post-earnings move holds into the regular session.

Mia: SpaceX is squarely in the spotlight this after-market briefing. The stock fell thirteen percent during the session, with headlines pointing to a surge in AI spending that rattled investors and a massive share unlock looming on the calendar.

Milo: And yet, CEO Elon Musk struck a bullish tone — saying the company would hit one trillion dollars in annual revenue in 2030, pulled in a year from a previous forecast of 2031.

Mia: Separately, reports say parts of a SpaceX rocket crashed into the moon on Wednesday. And analysts framed that as a perfect metaphor for the rocket maker's share price — really a headline and sentiment story more than a direct earnings impact.

Milo: So here's the picture: the stock is under visible pressure right as the CEO pulls that trillion-dollar revenue target earlier. And that share unlock looms as a potential supply overhang. We should keep in mind the trillion-dollar figure is a forecast, not achieved revenue, and the causes of the drop are headline context rather than confirmed attribution.

Mia: Right — the moon-crash report is reportedly sourced but not independently verified. So watch for confirmation or correction on that, the timing and size of the unlock, whether the AI-driven selling persists, and any further Musk commentary on that 2030 revenue path.

Mia: AMD also sank after reporting earnings. The post-report decline is flagged in the headline, though the shares are still up a hundred thirty-two percent so far in 2026, per the notes we have.

Milo: The drop comes alongside commentary from Chief Executive Lisa Su, who brushed off the importance of Musk's commitment to Nvidia — that's the company's big rival in the AI chip race.

Mia: Now we have to be careful here. The coverage we're working from doesn't include the size of the post-earnings decline, the actual earnings figures, or the specific terms of that Nvidia commitment. So the magnitude of the reaction and what's really driving it aren't confirmed.

Milo: What to watch next: the reported size and duration of AMD's selloff, any earnings or guidance figures that come out of the report, and whether Lisa Su's remarks on AI demand and Nvidia positioning have any measurable follow-through in the next session.

Mia: Walt Disney Company handed in a beat in its fiscal third quarter — a second straight quarter of better-than-expected profitability under Chief Executive Josh D'Amaro.

Milo: The company credited soaring income from its entertainment division and resilient theme parks in California and Florida. In fact, the parks division logged record quarterly revenue, even with international travel to the US still in a slump.

Mia: On streaming, Disney said it's weighing a free, ad-supported product, with advertising taking on a bigger role in making streaming profitable. And it says it's sold out its Super Bowl ad spots for the year. Bloomberg Intelligence's Geetha Ranganathan has additional commentary on the results.

Milo: What's notable here is that the report combines the two core revenue engines — parks and streaming. Park demand is holding up even with weak inbound travel, while Disney leans more on advertising, including Super Bowl inventory, to make streaming work.

Mia: One important caveat: the coverage we have doesn't disclose specific profit or revenue figures, a share-price reaction, or forward guidance. So watch for confirmation and rollout of that free ad-supported tier, streaming advertising momentum beyond the Super Bowl, and whether the international travel slump eventually pressures parks revenue.

Mia: Now to the energy waterway. Iran says it's reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz — a potential step toward reopening the critical chokepoint — though a joint statement is still being reviewed.

Milo: The two sides have been talking for days about managing the Strait. And crude coverage was genuinely mixed on Wednesday. Crude rose after Yemen's Houthis claimed they struck a Saudi Arabian oil tanker in the Red Sea, while other headlines framed oil falling on the negotiations to manage Hormuz ship traffic.

Mia: There's more — reporting says Trump's latest remarks, signaling again that a deal with Iran to reopen Hormuz was close, drove oil prices lower and sent stocks soaring. And the Strait matters far beyond oil: related coverage flagged fertilizer disruption, with Mosaic feeling the pain, as highlighting how Hormuz flows touch chemicals too.

Milo: Other markets picked up on it as well. Gold was holding, waiting on news of a Hormuz deal, while silver rose in early trading on Hormuz optimism.

Mia: But there's plenty of uncertainty. The agreement isn't final — the joint statement is still under review — and the Houthi tanker-strike claim is a separate and active risk. So the next big signals are confirmation of that reviewed statement, further traffic-management announcements, and follow-through across oil, stocks, gold, silver, and fertilizer-linked names.

Mia: That's our full look at the after-market — the US market at fresh records, Eli Lilly's standout beat-and-raise, the SpaceX slide, AMD's sinking shares, Disney's quarter, and the Hormuz diplomacy shaping commodities.

Milo: Thanks for listening to After Market on Bri. We'll see you next time.