Market Open: Chipmaker Results Pressure Stocks, Productivity and Jobless Claims Rise 8-6-2026

• The Nasdaq is under pressure after storage technology companies Western Digital and SanDisk reported quarterly results and forecasts that did not meet investor expectations for AI-driven growth.
• Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, believes the stock rally has more room to run, noting a broadening of the market beyond the 'seven stocks' to include small caps and international stocks.
• First-time claims for jobless benefits rose by 1,000 to 199,000 last week, which was lower than economists anticipated. Non-farm productivity grew by a faster-than-expected 1.4% in the second quarter, while labor costs rose at a slower-than-expected 1.3% rate.
• Fitness equipment maker Peloton's stock fell 9% after active paying subscribers declined 8.8% year-over-year, despite revenue topping Wall Street forecasts.

Stocks are mixed, with the Nasdaq under pressure from storage technology companies Western Digital and SanDisk due to AI growth expectations. However, one analyst believes the broader market rally, extending beyond a few large-cap stocks, indicates more room for growth. Economic data showed jobless claims lower than expected and productivity growth exceeding forecasts.