The Dow Jones Industrial Average rose 0.49% to reach a new all-time closing record of 54,349 points on Wednesday as Wall Street closed mixed. At the closing bell, the S&P 500 lost 0.17% to 7,723 points after setting a new intraday record high, while the Nasdaq Composite fell 0.83% to 26,363 points.
Both the Dow Jones and the S&P 500 had reached historic highs on Tuesday due to investor optimism over a potential agreement to reopen the Strait of Hormuz. Gains on Wednesday were driven by statements from United States Treasury Secretary Scott Bessent regarding a possible pact with Tehran. Iranian Deputy Foreign Minister Kazem Gharibabadi confirmed contacts with Washington and left open the option of reopening the waterway.
Tech Stocks and Corporate Results
Nvidia shares rose 3.43% after Elon Musk stated that SpaceX will exclusively use Nvidia chips to build its artificial intelligence infrastructure. Musk said the move aims to reach over two gigawatts of capacity by the end of 2026 and approach ten gigawatts in 2027.
SpaceX fell 13.6% by the close after reporting on Tuesday a net loss of $5.488 billion for the first half of 2026, up 257% year-on-year. The aerospace company also reported second-quarter capital expenditures of $18.4 billion, a sixfold increase from a year earlier, driven by artificial intelligence investments.
Advanced Micro Devices dropped 7% despite reporting higher-than-expected quarterly results on Tuesday. Alphabet fell 4% after announcing a reorganization of its artificial intelligence teams that includes the departure of chief scientist Jeff Dean after 27 years with the company.
Commodities and Treasury Yields
In other markets, gold prices rose 3.76% to $4,308 per ounce and silver gained 3.4% to reach $62.29 per ounce. The yield on the benchmark 10-year United States Treasury bond fell to 4.615%.
