S&P 500 Slips From Record as Palantir, SanDisk Lead Earnings Movers

The S&P 500 pulled back from Thursday's record close of 7,798.99 but still finished a third straight week higher, up 13.4% year to date. Reddit is set to join the benchmark next week, Palantir surged on a 93% revenue jump, and SanDisk extended its rally after J.P. Morgan's $2,250 target; Trade Desk and Applied Materials fell on disappointing outlooks. On the macro side, cooler inflation data strengthens the case for the Fed to hold rates, while Schwab reported a record July of core net new assets.

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S&P 500 slips from record but caps third straight weekly gain The benchmark closed at 7,798.99 on Thursday, its 27th record high of 2026, before easing Friday; the index is up 13.4% year to date. 1 2

Reddit to join S&P 500 next week, boosting index fund demand The online forum's addition will draw mandatory buying from the large index-tracking funds that mirror the benchmark. 3

Palantir nears records as Q2 revenue jumps 93% Revenue hit $1.94 billion versus the $1.81 billion consensus, adjusted EPS was $0.41 versus $0.34, and management raised full-year guidance on AI demand. 4

Microsoft's Azure tops $100B annual run-rate but AI capex soars Q4 revenue was $90 billion with Azure growth of 43%, while full-year AI capital spending jumped 80% to $116 billion, pressuring free cash flow and fueling valuation debate. 5

Trade Desk plunges 22% on weak Q3 outlook, worst in S&P Q2 revenue rose just 3% to $715 million, missing estimates, and Q3 guidance of at least $650 million fell far short of the ~$807 million analysts expected. 6

Applied Materials slides 6% as analysts call Q3 'good, but not great' Morgan Stanley trimmed its price target to $642 and kept Equal Weight, while BofA flagged soft gross-margin commentary and guidance versus Lam Research. 7

SanDisk jumps 7% as J.P. Morgan resumes with $2,250 target Investor Day unveiled ~$94 billion in long-term contracts with floor pricing and ~80% gross margins; Micron and SK hynix rose as memory stocks rallied. 8

Cooler inflation data may force Warsh's divided Fed to hold rates Fresh price data could reinforce patience at the central bank and test Warsh's ability to unite a committee split over the next move. 9

Roblox stock rout stokes investor alarm after guidance cut Social media chatter focused on the gaming platform's roughly 70% slide and its outlook after management cut guidance, according to Quiver Quantitative. 10

Schwab posts record $58.1B July core net new assets Core inflows rose 24% from a year earlier, total client assets reached $13.04 trillion, and new brokerage accounts hit 417,000 in July. 11 12

Musk projects SpaceX revenue of $1 trillion by 2030 The forecast follows SpaceX's second-quarter results and intensifies debate over how to value the closely held launch giant. 13