Nasdaq Declines as Oil Prices Ease Amid Iran Peace Deal Signs

Stocks were mixed on Wednesday, with declines in shares of SpaceX and Advanced Micro Devices pushing down the Nasdaq. The Dow Jones Industrial Average, however, registered a record closing high amid signs of progress toward an Iran peace deal.

The proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, one of the biggest concessions yet to Iran. As a result, U.S. oil prices eased on Wednesday, with West Texas Intermediate futures falling 55 cents to $75.22 a barrel.

Gold prices hit their highest level in almost seven weeks, up 4.16% at $4,245.40 an ounce. The Dow rose 263.24 points to 54,349.12, while the S&P 500 fell 12.97 points to 7,723.55.

Adam Sarhan, chief executive of 50 Park Investments in New York, said tech shares are easing after recent sharp gains, citing concerns about how long SpaceX's Starlink business could continue to bankroll costly investments.