S&P 500 Fluctuates After Record-Breaking Advance: Markets Wrap
(Bloomberg) — Stocks wavered near all-time highs as traders digested a recent rally and a slew of corporate earnings. Oil steadied on hopes for a reopening of the Strait of Hormuz.
US oil hovered near $75 as Iran said it has agreed on a Hormuz shipping route with Oman, a potential step toward a reopening of the critical waterway for energy supplies. The S&P 500 fluctuated after a four-day advance.
“The market’s breakout to record highs was fueled by the rare alignment of technical, fundamental and macro tailwinds, said Mark Hackett at Nationwide. “The next challenge is to sustain the breakout given the tenuous nature of the negotiations with Iran, but a calming of tensions should allow investors to refocus on the multitude of fundamental catalysts.”
The weight of the evidence continues to support giving the bull market in stocks the benefit of the doubt, even as we experience more bumps along the way, according to Keith Lerner at Truist Advisory Services Inc.
Despite a strong quarterly report, SpaceX fell as $101 billion worth of stock becomes available for trading Thursday. Nvidia Corp. climbed after Elon Musk touted the Vera Rubin chips while partner Hon Hai Precision Industry Co. reported a sales surge. Advanced Micro Devices Inc. gave an underwhelming outlook.
Traders are also gearing up for Sandisk Corp. and Western Digital Corp.’s results after the closing bell.
On the economic front, the US service sector expanded at a steady pace in July, but rising costs for services and materials continued to weigh on firms. Companies added fewer jobs than expected, suggesting some cooling in hiring momentum.
If confirmed in the government’s monthly jobs report on Friday, the recent employment trend suggests Federal Reserve officials can keep their focus on still-elevated prices.
Fed Bank of Minneapolis President Neel Kashkari told CNBC the central bank should start raising rates incrementally right now to curb inflation that remains too high.
Meantime, the Treasury retained its previous guidance for future debt issuance, signaling no change in note and bond auction sizes well into 2027 even as federal borrowing needs climb.
Corporate Highlights:
Walt Disney Co.’s profit beat Wall Street estimates, driven by soaring income from its entertainment division and the resilience of its theme parks in California and Florida. Eli Lilly & Co. boosted its 2026 sales guidance after its weight-loss drug franchise performed far better than expected in the second quarter, helping to counter investor concerns that the obesity drug boom is starting to slow. Uber Technologies Inc. issued a bookings outlook that just met analyst estimates, compounding concerns from investors about the company’s ability to evolve in the robotaxi era. Booking Holdings Inc. maintained its full-year outlook for gross bookings and revenue due to resilient travel demand even as the Middle East conflict weighs on flight prices and capacity. Some of the main moves in markets:
Stocks
The S&P 500 was little changed as of 11:54 a.m. New York time The Nasdaq 100 fell 0.2% The Dow Jones Industrial Average rose 0.8% The Stoxx Europe 600 was little changed The MSCI World Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.1% to $1.1545 The British pound was little changed at $1.3459 The Japanese yen was little changed at 157.62 per dollar Cryptocurrencies
Bitcoin rose 0.2% to $64,396.05 Ether was little changed at $1,873.56 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.63% Germany’s 10-year yield was little changed at 3.11% Britain’s 10-year yield declined one basis point to 4.89% Commodities
West Texas Intermediate crude fell 0.2% to $75.62 a barrel Spot gold rose 4% to $4,241.95 an ounce ©2026 Bloomberg L.P.
