The S&P 500 gave up an early advance on Wednesday even after touching a fresh intraday record, as its four-day rally lost steam. The Dow Jones Industrial Average pushed further into record territory, boosted by Nvidia, Disney and Eli Lilly, while the Nasdaq Composite slipped.
The S&P 500 gave up an early advance to trade near the flatline on Wednesday, even after touching a fresh intraday record, as its four-day rally lost momentum. The Dow Jones Industrial Average, however, pushed further into record territory, last up 485 points, or 0.9%, while the Nasdaq Composite slipped 0.3%.
Dow extends rally to fresh highs as S&P 500 stalls
At the session's highs, the Dow was higher by more than 650 points, or 1.2%, while the S&P 500 and Nasdaq gained 0.7% and 0.6%, respectively, before paring those advances. The moves followed Tuesday's session, when the S&P 500 closed above 7,700 for the first time and the Dow jumped more than 900 points for another record close. Over the past week, the Dow and S&P 500 have each gained more than 5%, while the Nasdaq has risen more than 8%.
Disney and Eli Lilly earnings lift the blue-chip index
Disney rose more than 2% after posting better-than-expected earnings for its fiscal third quarter. Eli Lilly gained more than 2% after its second-quarter earnings and revenue surpassed estimates. The two reports add to an already strong earnings season, in which more than 84% of S&P 500 companies have beaten expectations, according to FactSet.
Nvidia rises on Musk's AI remark; AMD and SpaceX slide
Nvidia shares popped close to 4% after Elon Musk said SpaceX would use only Nvidia processors for its artificial intelligence computing infrastructure going forward. On SpaceX's earnings call, Musk said: "We're exclusive to Nvidia."
AMD fell more than 6% after the chipmaker's adjusted earnings only came in slightly ahead of Street estimates. SpaceX shares dropped more than 7% after the rocket company said its capital expenditures jumped sixfold to $18.4 billion in the second quarter, a figure that beat analyst expectations even as most of the spending went toward AI.
Traders looked past a weak ADP jobs report for July, which showed private-sector hiring rise by 44,000, below the 95,000 added in June and short of the 75,000 Dow Jones consensus forecast.
Source: US Top News and Analysis
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