U.S. stocks advanced modestly on Wednesday as the Dow Jones Industrial Average closed at a record high for its fifth consecutive gain, while the S&P 500 and Nasdaq pulled back following a strong rally.
SpaceX shares plunged more than 13% after the company's first earnings report since its June listing revealed AI-related capital expenditure surged to $18.4 billion in the second quarter, overshadowing a revenue beat. Chief Executive Elon Musk said SpaceX would exclusively use Nvidia chips for its AI infrastructure, lifting Nvidia shares more than 3%. Advanced Micro Devices fell despite beating earnings expectations, as investors sought stronger results.
Oil prices declined for a third straight day after President Donald Trump suggested a deal to reopen the Strait of Hormuz could be imminent, and Iran and Oman finalised a draft agreement on shipping through the waterway. Brent crude edged near $79 a barrel.