Shortly after the opening bell, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 was little changed. The Nasdaq Composite fell 0.5% as weakness in several technology stocks offset gains in other sectors.
Markets remained focused on quarterly earnings, particularly from companies linked to artificial intelligence (AI). Investors continue to assess whether heavy spending on AI infrastructure will translate into stronger profits, leading to sharp reactions in stocks that have benefited from the AI boom.
SpaceX shares remained close to their all-time lows ahead of the expiry of a lock-up period later on Thursday. The event could increase selling pressure if insiders choose to offload their holdings. Nvidia, however, gained more than 3% on Wednesday after SpaceX said it would exclusively use the chipmaker’s processors.
Investors also tracked developments in West Asia. Oil prices steadied near $80 a barrel after Iran said it had reached an agreement with Oman for a temporary shipping route through the Strait of Hormuz. Iranian Foreign Ministry spokesman Esmail Baghaei said the two countries would finalise the arrangement “if certain third parties do not obstruct this process.”
Fresh labour market data also remained in focus. Initial jobless claims increased slightly to 199,000 in the week ended August 1, below economists’ expectations of 205,000. The previous week’s figure was revised to 198,000.