US stocks ended Wednesday near all-time highs, supported by an improving macroeconomic backdrop and robust corporate earnings. The S&P 500 edged down 0.2%, closing just below Tuesday’s record, while the Dow Jones Industrial Average rose 263 points to a record 54,349.
Crude oil prices extended their decline after Iran announced it had reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz. At the same time, US officials indicated progress in negotiations aimed at restoring trade flows through the region, easing worries about energy-driven inflation.
Credit-sensitive sectors, including major banks, outperformed. Arista Networks climbed 3.6% after reporting revenue ahead of expectations. Eli Lilly gained 4.9% after topping revenue estimates and raising its full-year guidance.
By contrast, the Nasdaq fell 0.8%. SpaceX dropped 13.6%, reversing the prior session’s gains, while AMD declined 7% despite doubling its data center revenue.