Wall Street stocks opened higher on Wednesday, building on the previous session's strong rally. The S&P 500 and the Dow Jones Industrial Average are attempting to extend their gains as traders review recent earnings reports from major companies, including SpaceX and Advanced Micro Devices.
The Dow rose 357.09 points, or 0.66%, to 54,442.97. The Nasdaq gained 104.85 points, or 0.39%, to 26,689.85. The S&P 500 advanced 49.47 points, or 0.64%, to 7,785.99.
SpaceX shares fell sharply after the rocket company released its first quarterly report since going public in June. Elon Musk's space venture reported that capital expenditures surged sixfold to $18.4 billion in the second quarter, exceeding analyst expectations. The majority of those spending was directed toward artificial intelligence initiatives.
Chip giant Advanced Micro Devices also declined in pre-market trading, slipping 7% after reporting adjusted earnings per share that only slightly surpassed Wall Street estimates. However, Dow component Disney rose more than 3% after posting better-than-expected fiscal third-quarter results.
The market saw significant gains on Tuesday, driven by solid earnings reports and comments from Treasury Secretary Scott Bessent suggesting the U.S. and Iran may be close to reaching an agreement to reopen the Strait of Hormuz. The S&P 500 climbed 1.8%, closing above 7,700 points for the first time, while the Dow surged over 900 points to set another record close.
Oil prices, which fell Tuesday following Bessent's remarks, edged slightly higher on Wednesday. West Texas Intermediate crude for September delivery rose about 0.3% to around $76 per barrel. Brent crude, the international benchmark, gained 1% to approximately $80 per barrel for October delivery.
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