The says the Dow Jones Industrial Average rose 0.5% on Wednesday to a new all-time high as traders weighed earnings and reports of progress toward reopening the Strait of Hormuz. The move gave large-cap stocks enough lift to outrun the pullback in the Nasdaq Composite and the S&P 500.
Dow posts record close
0.5% was the Dow’s gain after Tuesday’s record close, a follow-through that pushed the index to another high even as other benchmarks eased. That left investors with a split screen: one blue-chip gauge at a record, the tech-heavy Nasdaq Composite down 0.8%, and the S&P 500 off nearly 0.2%.
3% was how much Shares of Nvidia rose, adding another leg to the day’s advance. The move came while SpaceX shares dropped 13% after its AI spending overshadowed a second quarter earnings beat, and AMD declined despite an earnings beat and a strong outlook. Elon Musk’s company also faces added pressure this week when 20% of shares will be unlocked for trading.
Strait of Hormuz trade talk
“It could happen. Tomorrow or the next day,” Trump said of a deal to reopen the Strait of Hormuz, according to. Qatar said Tuesday that a proposal had been drafted between the US and Iran, and Iran is reportedly considering allowing European countries to remove mines from the strait.
Above $79 per barrel for Brent crude and near $75 per barrel for WTI crude oil, prices kept one eye on the route while investors focused on quarterly reports from Eli Lilly, Novo Nordisk, Western Digital, Sandisk, Walt Disney, Shopify, and Uber Technologies. The record in the Dow held even with weaker Nasdaq and S readings, a sign that traders were still rewarding industrial and financial names while waiting to see whether the Strait of Hormuz proposal moved from talk to action.
