US stock futures were steady on Wednesday after the major indexes surged to new record highs in the previous session, buoyed by strong corporate earnings and growing optimism over an imminent agreement to reopen the Strait of Hormuz.
In extended trading, SpaceX dropped 7% despite reporting better-than-expected second-quarter revenue in its first earnings release as a public company, as investors remained wary of the firm’s heavy spending on artificial intelligence infrastructure. AMD also declined 9% after the chipmaker posted only a modest earnings beat.
During Tuesday’s regular session, the Dow Jones Industrial Average and the S&P 500 advanced 1.71% and 1.79%, respectively, with both benchmarks closing at new all-time highs. The tech-heavy Nasdaq Composite jumped 2.59%.
Investors are now looking ahead to another wave of corporate results on Wednesday, with earnings due from Eli Lilly, AppLovin, Walt Disney, Uber, and Sandisk.
