05.08.202615:54:00UTC+00US Stocks Hold at Record Highs

US stocks climbed to fresh record highs on Wednesday, supported by an improving macroeconomic backdrop and strong corporate earnings. The S&P 500 was little changed, consolidating gains for the week, while the Dow advanced 400 points, with both indices ending at all-time highs.

Treasury yields declined over the week as US officials signaled efforts to engage in dialogue with Iran aimed at restoring trade flows from the Middle East, helping to contain energy-related inflation pressures. Credit-sensitive sectors—including banks and AI-focused hyperscalers—traded broadly higher.

Arista Networks jumped 7% after reporting better-than-expected revenue. Eli Lilly surged 9%, leading the Dow, after beating revenue estimates and raising its full-year guidance.

By contrast, the Nasdaq edged lower. SpaceX fell 13%, erasing the previous session’s sharp gains as concerns about soaring AI-related capital spending outweighed its revenue beat. Investor sentiment was also pressured by the impending release of a large tranche of IPO shares held by primary buyers. AMD dropped 5% even as it doubled its datacenter revenues.