Dow Hits Record High Amid Mixed US Markets
US markets closed mixed on Wednesday, with the Dow hitting another all-time high while the S&P 500 and Nasdaq erased earlier gains. The Dow climbed 0.5% to set a new record closing peak of $54,349.12.
Kathleen Brooks, research director at XTB, said 'Overall, the stock market rally could take a pause here, especially in the US. However, we think that if this happens it will be temporary, as there are multiple factors that could drive stocks higher from here.' These factors include lower oil prices and a strong Q2 earnings season.
Negotiations between the US and Iran have led to rising hopes of diplomatic progress, with oil prices stabilizing after dropping to a four-week low. The S&P Global services PMI hit a nine-month high as stronger demand, firmer business confidence, and rising employment signalled a solid start to the second half of 2026.
Chipmaker AMD dropped sharply despite reporting adjusted earnings slightly ahead of Wall Street expectations, while Nvidia outperformed after Elon Musk named the company as SpaceX's preferred supplier of AI chips. Eli Lilly jumped after lifting its full-year guidance, driven by weight-loss jabs Mounjaro and Zepbound.