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Dow and S&P 500 rise, Nasdaq turns lower as Hormuz deal talk grows
The S&P 500 pared gains to 0.1% and the Nasdaq slipped into the red, while Brent held around $78 a barrel and WTI around $75 after Iran Strait reopenings were discussed.
US stocks moved higher on Wednesday, with the Dow Jones Industrial Average climbing 0.8% and the S&P 500 up 0.1% after both finished prior sessions at record highs, even as the Nasdaq Composite slipped into negative territory, according to Yahoo Finance.
Investors weighed earnings from SpaceX and AMD alongside comments from President Trump suggesting a deal to reopen the Strait of Hormuz could occur as early as Wednesday. Asian markets also gained overnight, with South Korea’s KOSPI leading, rising almost 4% as investors assessed hopes for another US and Iran peace effort.
SpaceX shares fell 8% after its first public-company reporting disappointed Wall Street, with the move linked to AI spending overshadowing a second-quarter earnings beat, and additional pressure expected this week as 20% of shares are slated for trading unlocks. Oil prices declined for a third straight day, with Brent around $78 per barrel and WTI around $75 as the prospect of renewed shipping activity in the region supported, then faded, near-term expectations.
Quarterly reports also in focus included Eli Lilly, Novo Nordisk, Western Digital and Sandisk, Walt Disney, Shopify, and Uber Technologies, as investors balanced company results with shifting momentum around the Hormuz corridor.
Latest closeWTI crude $75.32 ▼6.2%|Brent $78.86 ▼5.9%|S&P 500 7,736.52 ▲1.8%