4:20pm: Rally loses steam
Wall Street wrapped up Wednesday’s session on a mixed note, with the Dow pushing to another record high as investors remained optimistic about a potential breakthrough in Iran negotiations and continued to digest a strong earnings season.
The Dow climbed 263 points, or 0.5%, to finish at 54,349, while the S&P 500 slipped 13 points, or 0.2%, to 7,724 and the Nasdaq fell 222 points, or 0.8%, to 26,363.
The S&P 500 and Dow both reached fresh all-time highs earlier in the session before momentum faded into the close, sending the broader market and technology stocks lower.
The Nasdaq’s decline marked an end to its four-day winning streak, with technology shares taking a breather after recent gains. Still, the broader market remained near record levels as investors looked ahead to more earnings reports and economic signals.
After the closing bell, investors will turn their attention to results from companies including AppLovin, SanDisk and eBay for further clues on corporate health and consumer demand.
3:45pm: Proactive news headlines
- First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) secured $4.84 million in non-repayable funding from the Government of Canada to support infrastructure development for its Bégin-Lamarche phosphate deposit in Quebec, including clean energy infrastructure studies and transmission line planning.
- Ocean Power Technologies Inc (NYSE-A:OPTT) was selected as one of six potential awardees under a $40 million Naval Oceanographic Office contract supporting high-resolution ocean-floor mapping with long-endurance unmanned surface vehicles.
- Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the spencer smart medication dispenser and in-home monitoring platform in-house to strengthen its medication management solutions.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) partnered with F2B Services to expand revenue opportunities through LED display solutions, event technology services and AI-powered software offerings combining Nextech’s technology with F2B’s event and experiential marketing reach.
- Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) closed the final tranche of its private placement, raising total gross proceeds of $964,700 to support the company’s ongoing uranium exploration activities.
- Miivo AI (TSX-V:MIVO) reported growth in users, recurring revenue and product offerings in the first half of 2026 after launching three AI products focused on financial analysis, lead generation and customer insights.
2:40pm: Market movers
- Amgen Inc (NASDAQ:AMGN, XETRA:AMG) shares climbed after the biotechnology company reported second-quarter results that exceeded expectations, with adjusted earnings per share of $6.29 supported by higher revenue and growth across its medicine portfolio.
- SolarEdge Technologies shares dropped after the solar technology company issued a weaker-than-expected third-quarter outlook, with revenue guidance below analyst estimates amid continued uncertainty in US residential solar demand.
- Wynn Resorts Ltd (NASDAQ:WYNN) shares gained after the casino operator delivered second-quarter results above Wall Street expectations, with adjusted earnings of $1.24 per share driven by higher revenue and improved profitability.
- Booking Holdings Inc (NASDAQ:BKNG, XETRA:PCE1) shares advanced after the online travel company reported second-quarter results that beat forecasts, with adjusted earnings per share of $2.54, revenue of $7.35 billion, and stronger-than-expected gross bookings and room nights sold.
- CVS Health Corp (NYSE:CVS) reported second-quarter results that surpassed expectations, with revenue rising 7.3% year over year to $106.1 billion and adjusted earnings per share reaching $2.58, while raising its full-year earnings outlook.
- Ocean Power Technologies Inc (NYSE-A:OPTT) secured a potential award under a $40 million multiple-award contract supporting the Naval Oceanographic Office with high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles.
- Shopify Inc (TSX:SH., NYSE:SHOP) shares surged after the e-commerce platform posted second-quarter revenue of $3.58 billion, up 34% year over year and above estimates, while forecasting continued double-digit growth.
- Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the maker of the spencer smart medication dispenser and in-home monitoring platform under its ownership to expand its medication management capabilities.
- Walt Disney Co (NYSE:DIS, XETRA:WDP) reported fiscal third-quarter results that beat expectations, driven by doubled streaming profitability and record domestic theme park revenue, with adjusted earnings per share rising 28% year over year to $2.06.
- Uber Technologies Inc (NYSE:UBER, XETRA:UT8) shares fell after the ride-hailing company issued a third-quarter earnings outlook below some Wall Street expectations despite stronger-than-expected second-quarter gross bookings and adjusted EBITDA.
- Eli Lilly and Co (NYSE:LLY) shares rose after the drugmaker reported second-quarter revenue of $22.97 billion, up 48% year over year and above estimates, as strong demand for Mounjaro and Zepbound boosted sales and led the company to raise its full-year outlook.
1:20pm: Job growth cools
Private-sector hiring slowed more than expected in July, with employers adding 44,000 jobs, according to ADP, missing economists' forecasts for 65,000 and marking the weakest monthly gain since January. Payroll growth also slowed from revised gains of 95,000 in June and 122,000 in May.
Despite the softer headline figure, Bill Adams, Chief US Economist at Fifth Third Commercial Bank, said broader labor market indicators remain resilient.
"While job growth was cooler in July, other data out this week mostly point to firm labor demand that can sustain decent payrolls growth in the second half of the year,” Adams said, noting job openings in the last three months registered their highest levels since January 2025. “If job growth continues at its recent pace, the unemployment rate will likely edge lower in coming months and close 2026 around 4%."
12:20pm: New highs
Chris Beauchamp, Chief Market Analyst at IG, said the August rally in equities is gathering momentum, with the S&P 500 and Dow Jones Industrial Average both reaching record highs for a second straight session alongside gains in precious metals.
"The tech worries of the past month seem to have vanished in a puff of smoke, while the rest of the market takes heart from hopes of a deal to re-open Hormuz," Beauchamp commented.
"Whatever the damage to the US’ standing internationally, markets only care for now about the beneficial effect of lower oil prices, which are likely to help cool inflation and ease back the chances of Fed hikes in 2026.”
Meanwhile, gold and silver equities are seeing their best day in weeks.
"A dramatic reversal over the last week paves the way for a continued recovery in precious metals, though much depends on how Fed commentary evolves ahead of Jackson Hole later in the month," Beauchamp added.
11:10am: SpaceX has a problem
SpaceX Corp (NASDAQ:SPCX) (SpaceX Corp (NASDAQ:SPCX)) did almost everything investors had asked of it in its first quarterly report as a public company, and the shares fell anyway.
Revenue of $7.8 billion for the April to June quarter came in ahead of the $6.81 billion analysts had pencilled in, and adjusted earnings before interest, tax, depreciation and amortisation of $3.5 billion beat a $2 billion consensus.
The net loss of $541 million was a fraction of the $1.9 billion forecast and a marked improvement on the $4.3 billion lost in the first quarter.
The figure that unsettled investors was capital expenditure. SpaceX spent $18.4 billion in the quarter against forecasts of roughly $13 billion, with close to $16 billion of it directed at xAI, the artificial intelligence business Elon Musk folded into the group before listing.
That follows more than $10 billion in the first quarter, and analysts now expect the full-year total to pass $45 billion.
The problem is that the spending is running well ahead of the returns, and investors want evidence that the gap eventually closes.
10am: Dow surges to new high
The Dow Jones has jumped 650 points or 1.2% to 54,740 and the S&P 500 is up 0.7% to 7,790, with both indexes hitting new all-time highs.
Tech stocks are slouching a little, with the Nasdaq adding 0.35%.
Part of that is SpaceX bucking the rally, plunging 10% and wiping about $170 billion from its market value following its first results since listing.
Top risers on the S&P include Wynn Resorts, up 10%, Assurant, Newmont and Eli Lilly.
Meanwhile, reports are coming through that Iran and Oman have finalised a draft agreement aimed at resolving the dispute over shipping through the Strait of Hormuz.
The proposed deal is described as a temporary solution and remains subject to final approval from Iran's supreme leader.
Officials said it was linked to the June agreement intended to halt fighting between the US and Iran.
An agreement could also clear the way for Washington and Tehran to resume negotiations over Iran's nuclear programme.
Oil prices gave a mixed response. Brent crude remains 0.7% higher at just under $80 a barrel, while US WTI is down 0.2% at $75.60, wiping out a small earlier gain.
8.30am: ADP jobs softens
US private-sector hiring slowed to 44,000 jobs in July from 98,000 in June, missing the 65,000 forecast and pointing to cooling labour demand.
The softer reading could give the Federal Reserve more scope to cut rates, weighing on Treasury yields and the dollar while supporting rate-sensitive technology and growth stocks.
Meanwhile, Dow and S&P futures have picked up a little, both up around 0.5% now.
8.10am: Dow and S&P tipped to extend highs
US stock indexes are expected to climb to new record highs on Wednesday as oil prices consolidate after a sharp recent fall and investors prepare for another packed round of corporate earnings, including Eli Lilly, Disney, Uber, SanDisk and Western Digital.
Dow Jones and S&P 500 futures both were pointing 0.4% higher, extending all-time highs, while Nasdaq futures were up 0.2% as SpaceX and AMD shares fell sharply in pre-market trading.
The prior session saw record closes for the S&P and Dow as lower energy prices eased inflation concerns and revived appetite for risk.
West Texas Intermediate crude has edged up 0.4% to $76.09 a barrel in early trading, with the US oil price having fallen sharply from around $85 at the end of last week to a three-week low below $75 overnight, as hopes grow for an agreement to restore shipping through the Strait of Hormuz.
Technology sentiment cooled slightly, with AMD shares down 8.8% in pre-market trading despite forecasting third-quarter revenue ahead of consensus.
SpaceX is down 10.8% following the release of earnings overnight, the first since listing, more than reversing the previous day's gain.
As NASA confirmed that a discarded part of one of the company's rockets has crashed into the moon, market analyst Russ Mould at AJ Bell says "as visual metaphors go [just] hours after it had delivered its debut quarterly earnings feels almost too on the nose".
He said the shares fell as investors fretted about the "heavy AI spending revealed in the results", with the "significant difference between SpaceX and some of the other free spending participants in the AI arms race is that it does not yet generate meaningful levels of cash flow"
On the earnings call, CEO Elon Musk suggested Starlink could build a terrestrial mobile network to compete with the likes of T-Mobile, AT&T and Verizon.
Musk said he wants to increase computing capacity from 2GW at the end of this year to "closer to 10GW [than 5GW]" by the end of 2027, which as the FT points out would be consuming as much power as New York city in summer.
This sparked some nervousness for investors in US telecoms companies, with Verizon and AT&T down 2-3% in pre-market trading.
Musk also announced that all of SpaceX’s future AI infrastructure buildout will be fueled by Nvidia chips exclusively.
"This suggests that Musk has secured these key components for SpaceX’s AI data centres at the same time as there is a supply crunch," said Kathleen Brooks at XTB.
"Thus, a shortage of chips should not impact SpaceX, or limit its ambitions to provide AI compute for the market."
This news is good for Nvidia’s share price, which is 1.9% higher pre-market.
Thursday brings the next key test of SpaceX investor confidence as the first stock lockup expiry lands, with more than 900 million shares potentially up for sale by insiders.
Wednesday's earnings diary, however, is dominated before the bell by Eli Lilly, Disney, Shopify, Uber, CVS Health, Phillips 66 (NYSE:PSX) and Brookfield Asset Management (TSX:BAM, NYSE:BAM).
After the close, results are due from Sandisk, Western Digital, AppLovin, McKesson, MercadoLibre, DoorDash, Manulife, Motorola Solutions, Allstate, Honeywell Aerospace and MetLife.
Investors will also be chew over the ADP private payrolls report, with economists looking for employment growth of around 60,000 after 98,000 previously.
The ISM services survey will provide another reading on the resilience of the US economy as falling oil prices and inflation expectations support hopes that growth can continue without renewed price pressures.