forex cross rate

The Dow Jones Industrial Average opened 381.35 points higher, or 0.71%, at 54,467.23 on Wednesday, August 5th; the S&P 500 opened 50.32 points higher, or 0.65%, at 7,786.81; and the Nasdaq Composite opened 112.83 points higher, or 0.42%, at 26,697.82.

U.S. stocks opened higher, with the Dow Jones Industrial Average up 0.33%, the S&P 500 up 0.56%, and the Nasdaq Composite up 0.39%. SpaceX (SPCX.O) fell 10.5% amid concerns over its surging AI spending. AMD (AMD.O) fell 7% after disappointing Q2 results and outlook. Shopify (SHOP.N) rose 20%. Gold briefly climbed above $4,200, with Harmony Gold (HMY.N) up 7.5% and Goldfields (GFI.N) up 8.3%. Storage-related stocks declined slightly.

1. Morgan Stanley: Rating "Overweight", target price $300. "Our full-year 2027 revenue forecast is $102 billion, implying that the company's total annual recurring revenue is expected to exceed $100 billion by the end of 2026, with little room for further acceleration. This is primarily due to our assumption that computing prices will normalize in the fourth quarter of 2027 as market saturation increases; however, if this scenario does not occur, then AI revenue in 2027 will be an additional $42 billion on top of our forecast." 2. Wells Fargo: Rating "Overweight", target price lowered from $230 to $215. "Management believes that ground computing capacity will reach over 8 gigawatts in 2027, achieving the 2028 target ahead of schedule. Given this ambitious target, we assume some delays and forecast 5 gigawatts of new computing capacity in 2027, still higher than the 1.5 gigawatts increase in 2026. We expect new capacity to slow to 2.5 gigawatts in 2028, down from our previous forecast of 4.1 gigawatts." 3. Deutsche Bank: Rating "Buy", target price $235. "Looking ahead, driven by its AI business, SpaceX's short-term growth trajectory will be stronger than we previously expected, therefore we have raised our forecast, believing it is poised to reach $100 billion in annual revenue sooner. Overall, we remain strongly bullish on SpaceX's long-term prospects, but acknowledge the recent significant pressure on the share price." 4. Goldman Sachs: Rating "Buy", target price $220. "In the short term, we expect the share price to remain volatile, as the additional liquidity from the expiration of the first lock-up period could lead to more divergent share prices in the coming days. Furthermore, the company still faces several long-term development issues or controversies, including Starship launch pacing, Starlink broadband and mobile business expansion, and orbital computing. While we hold a generally more positive and constructive view, these issues are unlikely to be resolved in the coming months or quarters." 5. Citigroup: Rating "Buy", target price $200. "We previously described the next two to three years as a period of extremely rich catalysts, and management has clearly gained insights and made new discoveries. Their optimism is reflected in bringing forward the approximately $1 trillion revenue target by one year to 2030, and even 'potentially as early as 2029.' If the target is achieved, this will far exceed the market's general expectations of $232 billion in 2029 and $372 billion in 2030." 6. JPMorgan Chase: Rating "Overweight," target price raised from $225 to $240. "SpaceX is leveraging its engineering capabilities in rockets and satellites to scale data centers faster than the industry average. In terms of profitability, in addition to partnerships with Anthropic, Google, and Reflection AI, SpaceX has also signed a six-month cloud service contract with another customer, which will take effect in October. SpaceX also believes that the long-standing supply-demand imbalance in computing could allow its Vera Rubins to sell for $30-50 per watt, far exceeding our previous forecast of $11-16 per watt for the next few years." 7. UBS: Rating "Buy", target price $210. "We believe SpaceX is making significant strides across all its businesses—the Starship project is making major progress; Starlink revenue growth is expected to reach an inflection point with the deployment of approximately 1,000 V3 satellites; and the company is closing the gap with Grok and plans to add 3 to 7 gigawatts of computing power next year. This means that by the end of 2027, the company's total computing power will reach 5 to 10 gigawatts or more, higher than our previous forecast of 4 gigawatts."

According to CNN, a Gulf state official believes there is a 50% chance that the United States and Iran will reach an agreement by Friday.

A Goto survey shows that 30% of American employees say they can no longer live without artificial intelligence.

According to TASS: A fire broke out at the Russian State Space Corporation research facility in Korolyov, a suburb of Moscow.