The S&P 500 and Dow hit new all-time highs on hopes for peace in the Middle East. However, declines in SpaceX and AMD shares partly offset the gains, while earnings trends pushed the market higher.
The S&P 500 and Dow hit new all-time highs in Wednesday trading. Hopes for a breakthrough in peace efforts in the Middle East supported investor sentiment, and the market held onto its gains despite continued uncertainty stemming from geopolitical tensions.
SpaceX's first earnings report since its listing showed that revenue had nearly doubled and its operating loss had narrowed. Growing demand for Starlink and expansion in its AI-related business supported results, making the earnings report a factor behind the market's rise.
Following earnings reports from large-cap companies, Microsoft and Alphabet each rose about 1%, while the Nasdaq also advanced. Disney, Uber and Arista Networks, meanwhile, saw mixed moves, and investors' attention turned to upcoming earnings and labor-market data. Additional earnings reports and labor-market indicators are expected to influence the direction of the indexes going forward.