Markets Surge Amid Hopes for Hormuz Deal
Markets around the world rose on Wednesday as hopes of a deal to reopen the Strait of Hormuz lifted sentiment. This optimism was tempered by mixed earnings updates from corporate sectors, which had a varying impact on stocks.
The Dow Jones Industrial Average and S&P 500 both reached record highs, while Wall Street Futures traded above the flatline. In Europe, major benchmarks were trading in mildly positive territory, with Germany's DAX up 0.14% at 26,260.21.
However, AI spending concerns continued to weigh on some stocks, including SpaceX, which dropped over 8%. The six-currency Dollar Index slipped 0.15%, while bond yields were trading in a mixed fashion.
Crude oil prices and gold both rose, with Brent Oil Futures up 1.03% at $80.18 and Gold Futures up 2.44% at $4,254.00.