By 11:50 AM ET, the Dow Jones Industrial Average rose 0.80% to 54,521, while the S&P 500 increased 0.03% to 7,738, both reaching record levels. Meanwhile, the Nasdaq Composite dipped 0.26% to 26,517.
Gold prices jumped 3.60% to $4,242.40, and the 10-Year Treasury yield climbed slightly to 4.64%. Gaining sectors included healthcare, basic materials, and technology, while industrials, energy, and utilities faced the biggest losses.
Eli Lilly shares rose after the pharmaceutical company released positive guidance. However, Advanced Micro Devices fell over 6% despite exceeding earnings forecasts, as investors worried about its high capital spending.
Space Exploration Technologies, which filed its first public earnings report yesterday, dropped nearly 9%. Uber also fell due to weak quarterly performance. Conversely, Shopify surged 17% after impressive earnings.
Markets showed a mixed performance as hopes for a U.S.-Iran deal to reopen the Strait of Hormuz remained uncertain. Major tech names such as Apple, Microsoft, and Amazon all fell. Nvidia rose after SpaceX CEO Elon Musk announced a commitment to using only Nvidia chips, which hurt AMD.
With valuations at record levels, investors are seeking strong earnings results during this reporting season. AMD's forward P/E ratio of 66 failed to meet expectations. After-market reports from Sandisk and Western Digital are expected to reveal more about semiconductor demand and spending on AI.