SpaceX Crashes 13.6%

Stocks held close to their records on Wall Street on Wednesday, while oil prices held steady.

• The S&P 500 fell 12.97 points, or 0.2%, to 7,723.55, slipping from the all-time high it set a day earlier.
• The Dow Jones Industrial Average rose 263.24 points, or 0.5%, to 54,349.12, a new all-time high.
• The Nasdaq composite fell 221.55 points, or 0.8%, to 26,363.44.

Elon Musk's SpaceX fell 13.6% 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 AP reports,

The company did help give semiconductor giant Nvidia a 3.4% boost after announcing it would exclusively use that company's chips for its artificial intelligence technology. That announcement weighed on Advanced Micro Devices, which fell 7%. Musk had previously said that SpaceX and his electric vehicle company, Tesla, would use chips from both Advanced Micro Devices and Nvidia. Nvidia's gain helped support the broader market on Wednesday, despite slightly more stocks losing ground than gaining within the S&P 500.

• The Walt Disney Co. rose 3.7% after easily beating Wall Street's profit forecasts, helped by a $1 billion box office haul from Toy Story 5 and theme park revenue.
• Booking Holdings jumped 6.6% after reporting that strong travel demand drove profit and revenue growth during its most recent quarter.

Uncertainty about the direction of the US war with Iran continues hanging over the market. President Trump said a deal to reopen the Strait of Hormuz could 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. The price of Brent crude, the international standard, fell 0.2% to $79.26 a barrel. 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.