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S&P 500 edges higher on hopes to reopen Strait of Hormuz
Modest gains came as crude prices pared an overnight 2% jump and the 10-year Treasury yield eased to 4.68%.
US stocks finished higher in a mostly steady session, with the S&P 500 up 0.10%, the Dow Jones Industrial Average up 0.05%, and the Nasdaq 100 up 0.15%, according to Yahoo Finance. Futures also pointed modestly higher, with September E-mini S&P futures up 0.12% and September E-mini Nasdaq futures up 0.20%.
Market optimism was tied to hopes for a deal that could reopen the Strait of Hormuz after Pakistan signaled the United States and Iran were close to an arrangement, per Yahoo Finance. The report said crude prices gave back an overnight 2% advance, which pulled bond yields lower after earlier strength in oil had fanned inflation concerns.
The article also cited support from chipmakers and AI-infrastructure names, while noting that some economic data landed roughly in line. July existing home sales fell 1.7% month over month to 4.06 million, close to expectations of 4.05 million, Yahoo Finance reported.
On earnings, Yahoo Finance said the outlook for Q2 results is bullish, with the S&P 500 tracking earnings growth of nearly 32% for the quarter versus 23% projections, based on Bloomberg Intelligence. It added that 85% of the 446 S&P 500 companies that have reported so far beat estimates, and that AI spending is expected to drive much of the earnings contribution, including nearly 60% of S&P 500 earnings-per-share growth in Q2.
Latest closeWTI crude $82.68 ▼0.6%|S&P 500 7,748.50 ▲0.3%|Nasdaq Comp. 26,588.49 ▲0.5%