Stocks Hold Near Records as Oil Prices Stabilize Amid Strait of Hormuz Deal Hopes
Stocks on Wall Street held steady near record highs on Wednesday, while oil prices stabilized after news of a potential deal to reopen the Strait of Hormuz.
The S&P 500 slipped 0.2% from its all-time high set a day earlier, but the Dow Jones Industrial Average rose 0.5%, and the Nasdaq composite lost 0.8%. This comes as companies like Booking Holdings and The Walt Disney Co. reported strong earnings, with Disney's results beating analysts' forecasts by a $1 billion box office haul from 'Toy Story 5'.
However, SpaceX sank after increasing its spending on artificial intelligence, while Nvidia saw its shares jump 4.4% due to an exclusive deal with the company.
The market has been rising as companies report earnings, with three-quarters of S&P 500 companies already having reported results and a 50% profit growth expected overall.