US Markets
Update: Dow Hits New High, S&P 500 Retreats as Traders Await Hormuz Deal
(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average reached a new peak on Wednesday amid hopes for a deal to reopen the Strait of Hormuz, while the S&P 500 pulled back from a record high.The Dow rose 0.5% to 54,349.12, notching a closing high for a third straight day. The S&P 500 edged down 0.2% to 7,723.55. The Nasdaq Composite fell 0.8% to 26,363.44, snapping a four-day winning streak.Among sectors, materials paced the gainers, while communication services saw the steepest decline.The US, Iran and Oman are moving toward an interim deal to reopen the Strait of Hormuz, with Washington looking at a Wednesday announcement, Axios reported, citing two regional sources and a US official.US President Donald Trump reportedly said late Tuesday that an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent."There are suggestions that a deal could be announced as soon as today, although reports that any agreement would be temporary suggest that the market would be wise not to get too carried away," ING Bank said Wednesday in report.Meanwhile, Yemen's Iran-aligned Houthis claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a CNBC report.West Texas Intermediate crude oil dropped 0.8% to $75.15 a barrel in Wednesday late-afternoon trade, while Brent edged down 0.1% to $79.32.Treasury yields were lower, with the two-year rate down 1.1 basis points at 4.18% at the 10-year rate falling 1.2 basis points to 4.62%.Walt Disney's (DIS) fiscal third-quarter earnings rose above Wall Street's estimates even as revenue fell short of expectations despite a boost from "Toy Story 5." The stock rose 3.7%, the second-best performer on the Dow.Uber Technologies (UBER) declined 5.3% after the ride-hailing company's second-quarter revenue missed market estimates and it provided a soft third-quarter bookings guidance.Shares of SpaceX (SPCX) slumped nearly 14% after the rocket and satellite company late Tuesday reported quarterly results for the first time since going public. The company's capital expenditures surged to $18.37 billion in the second quarter from $2.83 billion a year ago.Advanced Micro Devices (AMD) slumped 7% even though it recorded fiscal second-quarter results above market estimates.In economic news, US private-sector employment increased less than expected in July as gains were concentrated in just services, ADP (ADP) data showed Wednesday, ahead of the official nonfarm payrolls report for the month due later in the week.Bureau of Labor Statistics data scheduled for Friday release are likely to show that the US economy added 88,000 nonfarm jobs last month, compared with a 57,000 increase reported for June, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.2%.The US services sector's expansion continued in July amid strong demand despite continued inflationary pressures, surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Spot gold jumped 4.2% to $4,247.65 per troy ounce, while silver advanced 3.4% to $62.31 per ounce.
Dow JonesNasdaq CompositeS&P 500$ADP$AMD$DIS$SPCX$SPGI$UBER
