US Stocks Edge Higher Amid Ongoing Oil Price Volatility

US stock futures edged higher on Wednesday as oil prices resumed their ascent. The S&P 500 index, which had surged to a record high on Tuesday, spent most of the day in positive territory but ultimately fell by 0.2% to close at 7,723.55.

The Dow Jones industrial Average rose by 263.24 points or 0.5% to reach another record high of 54,349.12. In contrast, the Nasdaq fell by 221.55 points or 0.8% to 26,363.44 due to losses in big technology companies including Alphabet and Microsoft.

Several large technology companies, including Alphabet and Microsoft, weighed down the market, causing the S&P 500 to fall. However, other companies such as The Walt Disney Co. and Booking Holdings rose after reporting strong earnings. Disney's stock price increased by 3.6% after beating Wall Street's profit forecasts.

Oil prices continued their upward trend, with Brent crude falling only slightly to $79.45 a barrel. The market remains cautious due to ongoing uncertainty about the Iran-US conflict and its impact on oil supplies and global inflation.