US Stocks Hold Near Records Amid Iran Conflict Uncertainty
The US stock market remained close to its records on Wednesday, despite a mixed finish on Wall Street. The S&P 500 index fell 12.97 points, or 0.2%, to close at 7,723.55. However, the Dow Jones industrial Average rose 263.24 points, or 0.5%, to reach another record of 54,349.12.
The market's resilience is attributed to strong corporate profits and expectations for more growth ahead. Many companies have reported impressive earnings results, with three-quarters of the S&P 500 having already disclosed their figures. The Walt Disney Co., for example, saw its stock rise 3.6% after beating Wall Street's profit forecasts.
Elon Musk's SpaceX, however, fell 13.6% following its first quarterly report as a public company. The company showed increased spending on artificial intelligence, which weighed on Advanced Micro Devices. In contrast, Nvidia saw a 3.4% boost due to SpaceX's announcement that it would exclusively use the company's chips for AI technology.
The uncertainty surrounding the US-Iran conflict continues to influence the market. President Donald Trump stated that a deal to reopen the Strait of Hormuz could come as early as Wednesday, but many stops and starts have occurred during the five-month-old conflict.