{"id":5015,"date":"2026-08-06T06:09:15","date_gmt":"2026-08-06T06:09:15","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5015"},"modified":"2026-08-06T06:09:15","modified_gmt":"2026-08-06T06:09:15","slug":"wall-street-stays-steady-at-record-highs-as-coiled-spring-releases-in-august-with-talks-of-deal-to-reopen-strait-of-hormuz","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5015","title":{"rendered":"Wall Street stays steady at record highs as \u2018coiled spring\u2019 releases in August, with talks of deal to reopen Strait of Hormuz"},"content":{"rendered":"
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The S&P 500 rose 0.1%. The Dow Jones Industrial Average added 473 points, or 0.9%, as of 2:12 p.m. Eastern time. The Nasdaq composite fell 0.4%.<\/p>\n

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The S&P 500 and the Dow both set records on Tuesday, while the Nasdaq is 2% below its record. Every major index had been surging this week, giving August a strong start.<\/p>\n

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\u201cThe coiled spring investors have been waiting for has finally released, with the S&P 500 Index surging to record highs for the first time in two months,\u201d said Mark Hackett, chief market strategist at Nationwide, in a report.<\/p>\n

The market has been generally rising as companies head into the closing stretch of their latest round of earnings reports with sharp overall gains. Three-quarters of the companies within the S&P 500 have reported results so far, and Wall Street expects profit growth of 50% when they are all finished.<\/p>\n

The Walt Disney\u00a0Co. rose 3.7% after easily beating Wall Street\u2019s profit forecasts, helped by a $1 billion box office haul from \u201cToy Story 5\u201d and theme park revenue.<\/p>\n

Booking Holdings jumped 6.5% after reporting that strong travel demand drove profit and revenue growth during its most recent quarter.<\/p>\n

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Elon Musk\u2019s\u00a0SpaceX\u00a0fell 11.9% following the release late Tuesday of its first quarterly report as a public company, which showed that it sharply boosted spending on artificial intelligence. The company did help give semiconductor giant Nvidia a 4.4% boost after announcing it would exclusively use that company\u2019s chips for its artificial intelligence technology.<\/p>\n

That announcement weighed on Advanced Micro Devices, which fell 6.2%. Musk had previously said that SpaceX and his electric vehicle company, Tesla, would use chips from both Advanced Micro Devices and Nvidia.<\/p>\n

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Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury slipped to 4.62% from 4.63% from late Tuesday.<\/p>\n

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Markets in Asia rose. Benchmarks jumped more than 3% in Tokyo and Seoul as computer chipmakers and other\u00a0AI-related\u00a0companies climbed. European markets were mixed.<\/p>\n

Read more Feds accuse crypto founder of stealing $10 million from NFT investors, spending it on Miami condo and DJ hobby<\/a><\/p>\n

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Strong corporate profits and expectations for more growth ahead have been steering stocks higher. Wall Street has also been worried about stock prices becoming unjustifiably high, especially within the technology sector and for companies focused on artificial intelligence. Profit growth, especially for some of the big chipmakers, like Nvidia, could help justify some of the big investments those companies are making in AI.<\/p>\n

\u201cThe market appears to be moving from rewarding companies for AI spending to assessing the revenue and earnings that these investments can generate,\u201d said Brian Therien, analyst, investment strategy, at Edward Jones, in a report.<\/p>\n

AI-focused companies, with their big market values, have been behind many of the big market swings and most of Wall Street\u2019s gains. Nvidia\u2019s gain helped support the broader market on Wednesday, despite slightly more stocks losing ground than gaining within the S&P 500. Micron Technology also helped support the market with a 2.7% gain.<\/p>\n

Uncertainty about the direction of the U.S. war with Iran continues hanging over the market.\u00a0President Donald Trump\u00a0said a deal to reopen the\u00a0Strait of Hormuz\u00a0could come as early as Wednesday. But there have been many stops and starts during the five-month old conflict that has stifled the global supply of oil and rattled energy markets.<\/p>\n

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The price of Brent crude, the international standard, fell 0.2% to $79.26 a barrel. Oil prices have been swinging for months and were as high as $102 per barrel at one point during the conflict, jolting already stubbornly high inflation. Higher oil prices pushed gasoline prices higher and increased shipping costs for a wide range of products.<\/p>\n

Inflation concerns have been hanging over markets and the Federal Reserve. The central bank has been holding its key benchmark rate steady as it monitors the costs and the impact on the economy. Wall Street expects the central bank to raise rates at least once before the end of 2026. Household spending remains resilient, despite the stress from higher costs on everything from gas to groceries.<\/p>\n

The jobs market has been one of the stronger areas of the economy, though growth has been slowing. Wall Street will get another update on Friday with the monthly employment report for July.<\/p>\n

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Associated Press writers Elaine Kurtenbach and Mayuko Ono contributed to this report.<\/p>\n

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