US Stocks Edge Higher as Oil Prices Resume Ascent
US stock futures edged higher on Wednesday as oil prices resumed their ascent. Despite a mixed finish on Wall Street, stocks remained close to their records, while oil prices held steady.
The Dow Jones industrial Average rose 263.24 points, or 0.5%, to 54,349.12, reaching another record. The S&P 500 fell 12.97 points, or 0.2%, to close at 7,723.55, spending most of the day higher after surging to a record on Tuesday.
Several big technology companies slumped, weighing down the market, including a 4% drop for Alphabet and a 1.1% drop for Microsoft. However, Nvidia saw its stock rise 3.4% after SpaceX announced it would exclusively use that company's chips for its artificial intelligence technology.
The Walt Disney Co. rose 3.6% after easily beating Wall Street's profit forecasts, helped by a $1 billion box office haul from 'Toy Story 5' and theme park revenue. Booking Holdings jumped 6.6% after reporting strong travel demand drove profit and revenue growth during its most recent quarter.
Uncertainty about the direction of the US war with Iran continues to hang over the market, despite President Donald Trump's statement that a deal to reopen the Strait of Hormuz could come as early as Wednesday.