Futures associated with the S&P 500 and Dow Jones Industrial Average experienced an uptick early Wednesday, aiming to capitalise on the substantial rally observed in the previous session. Market participants also analysed the most recent corporate earnings reports from firms including SpaceX and AMD. Dow futures increased by 172 points, representing a rise of 0.3%. S&P 500 futures increased by 0.4%.Nasdaq-100 futures exhibited little movement, remaining unchanged throughout the day.

SpaceX shares experienced a decline of 11% following the release of its inaugural quarterly report since its public debut in June. Elon Musk’s space firm reported a sixfold increase in capital expenditures, reaching $18.4 billion in the second quarter. This figure surpassed analyst expectations, with the bulk of the expenditure directed towards AI. Chip giant AMD also experienced a 7% decline in premarket trading following the release of adjusted earnings that marginally surpassed the Street’s estimates. However, a member of the Dow, Disney, experienced an increase of over 3% following earnings that surpassed expectations for its fiscal third quarter.

Markets experienced a notable increase on Tuesday, buoyed by robust earnings reports and remarks from Treasury Secretary Scott Bessent suggesting that the United States and Iran may be nearing an agreement to reopen the Strait of Hormuz. The S&P 500 experienced an increase of 1.8%, surpassing the 7,700 mark for the first occasion, while the Dow achieved a gain exceeding 900 points, marking yet another record close.

Oil experienced a decline on Tuesday in response to Bessent’s remarks, although prices saw a slight recovery on Wednesday. West Texas Intermediate futures for September delivery increased approximately 0.7% to $76.30 per barrel. Brent crude futures for October delivery, the international benchmark, experienced an increase of 1.6%, reaching $80.63 per barrel.