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The Dow Jones Industrial Average reached a fresh all-time intraday record on Wednesday as oil prices rose and traders awaited the latest monetary policy decision from the Federal Reserve.
The 30-stock index last traded up 203 points, or 0.4%, after hitting a new high for the third time in a row. The S&P 500 traded around the flatline, as did the Nasdaq Composite.
Oil prices traded slightly higher after President Donald Trump said Wednesday a deal with Iran was not yet final, noting the U.S. will "go right back to dropping bombs" if he doesn't like the agreement. U.S. West Texas Intermediate futures were up 1% at around $77 per barrel, while international Brent crude futures rose 1% to roughly $79 a barrel.
Energy prices had fallen earlier this week following an announcement from Trump that the U.S. and Iran had reached a potential deal to end the war. Pakistani Prime Minister Shehbaz Sharif said that both sides have terminated their military operations, while an official signing ceremony will take place in Switzerland this Friday.
"I think that traders jumped the gun," Ben Fulton, CEO of WEBs Investments, said of oil's recent drop. He added that it wouldn't surprise him if oil prices crept back up 5% to 10%, especially seeing that oil tanker traffic through the Strait of Hormuz has not gone up considerably since the agreement was announced earlier this week.
"This is going to take a while to massage out," he continued.
SpaceX traded down 5%. The stock has been on fire since the rocket company's initial public offering last week, which was priced at $135. In that short time, shares have risen around 40%, bolting the company's valuation above that of Amazon's.
Shares of Intel rose 3% as part of a broader comeback among chip stocks. This comes on the heels of the company starting production of its most-advanced chip node known as 18A-P, a step that moves the company closer to securing a potential agreement to produce chips for Apple devices.
Alongside Intel, ASML advanced 7%, while the Invesco PHLX Semiconductor ETF (SOXQ) was up by 3%.
Investors are looking ahead to the Fed delivering its latest policy decision at 2 p.m. It will be the first under new Chairman Kevin Warsh, who will also hold a news conference at 2:30 p.m.
Investors are largely expecting that the Fed will keep interest rates unchanged at a target range of 3.5% to 3.75%. However, most Wall Street Fed watchers anticipate that Warsh won't submit a "dot" to the FOMC's quarterly update of where individual officers expect rates to head from here.
"While the drop in oil prices helps to ease inflation, it can also spur more economic activity, which could warrant higher interest rates in the future," said James Demmert, Main Street Research's chief investment officer. "We would not be surprised to see Warsh mention accelerating economic growth and the potential for higher rates going forward, even with the political pressure he is facing to cut rates."
6 Min Ago
Morgan Stanley upgrades Credicorp on possible political transition in Peru
Morgan Stanley moved Credicorp's stock to overweight from equal weight, noting that a potential political transition in Peru could give shares a boost.
Analyst Jorge Kuri adjusted the price target to $480 from $375, implying upside of 31.7% from Tuesday's close.
Kuri predicts that Keiko Fujimori and her political party, Fuerza Popular, will take office. Fuerza Popular is expected to provide macro stability, support for private investment, and improve governance, the analyst said. He expects these changes will create stronger credit demand.
"We think this should translate into much-needed corporate and consumer confidence, and therefore stronger credit demand. We do not think this inflection is priced into BAP shares," Kuri said in his note.
Credicorp has been on a strong run for the past year, rising 79%, and growing 36% this year.
— Assiatou Hann
47 Min Ago
What to expect from Warsh at first Fed meeting, according to Wolfe
Kevin Warsh, chairman of the US Federal Reserve, speaks during a swearing-in ceremony in the East Room of the White House in Washington, DC, US, on Friday, May 22, 2026.
Bloomberg | Bloomberg | Getty Images
Chairman Kevin Warsh won't deliver concrete policy change at this week's Fed meeting, but there will be important clues about how the next few years will go, according to Wolfe Research.
"With no realistic prospect for Warsh to engineer a sharp dovish policy shift, we expect he'll try to deliver on his broader promise of 'regime change' in other areas," Tobin Marcus, head of Wolfe's U.S. policy and politics US Policy and Politics, said in a note Wednesday.
Among the steps he expects Warsh to take today are the removing of the easing bias in the FOMC's statement and declining to submit a dot for the "dot plot," which charts where individual officials expect interest rates to head in the future.
Marcus also doesn't expect any formal action on inflation measures or model updates, although Warsh has previously indicated he may explore a shift in what the Fed uses for targets.
— Michelle Fox
1 Hour Ago
JPMorgan hits new high
A woman exits the JPMorgan Chase & Co., headquarters in New York City, U.S., April 1, 2026.
Eduardo Munoz | Reuters
Shares of JPMorgan Chase rose more than 1% to a new all-time intraday high on Wednesday.
This is the first time the stock has reached a new all-time high since Jan. 5. Since the start of the year, the stock has only risen more than 4%.
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JPM, year-to-date
— Sean Conlon
2 Hours Ago
SpaceX shares sink 5%
SpaceX shares sank on Wednesday, putting a damper on momentum after a red-hot first few days of trading.
The Elon Musk-led company has seen its stock surge around 40% since its blockbuster IPO on Friday, which offered shares at a set $135. Read more.
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SPCX, 1-day
— Kai Nicol-Schwarz
3 Hours Ago
Pending home sales post surprisingly large gain for May
A "sale pending" sign in front of a home for sale in Larkspur, California, Nov. 30, 2023.
Justin Sullivan | Getty Images
Sales under contract for homes accelerated a much stronger-than-expected pace in May, despite stubbornly high interest rates, the National Association of Realtors reported Wednesday.
Pending home sales surged 3.8% for the month, helped by particularly strong numbers in the Northeast and Midwest, the NAR said. The increase was well ahead of the Dow Jones consensus for a 1% gain
The monthly gains helped boost sales 4.8% on a year-over-year comparison, "an indication of pent-up housing demand and consumers' acceptance of above-6% mortgage rates as the new normal," said NAR chief economist Lawrence Yun.
— Jeff Cox
3 Hours Ago
Retail sales easily top forecast for May as consumers keep spending
People shop at the Macy's in Herald Square on June 03, 2026 in New York City.
Michael M. Santiago | Getty Images
Consumer spending rose more than expected in May, boosted by surging gasoline prices though also rising across most sectors, the Commerce Department reported Wednesday.
Retail sales rose 0.9% for the month, according to numbers adjusted for seasonality but not inflation. The increase more than doubled the 0.4% gain in April and topped the Dow Jones consensus for 0.5%. Excluding autos, sales still gained 0.8%, well above the 0.4% forecast.
Gas station receipts jumped 3.4% amid soaring energy prices tied to the Iran war. However, gains were spread in other areas including miscellaneous retail (2.3%), online stores (1.5%), motor vehicles parts and dealers (1.2%) and furniture the home furnishings (1%). The only major category to post a decline was electronics and appliances, which saw a 0.5% decrease.
In addition to topping the forecast, the sales increase was faster than the inflation increase of 0.5% as measured by the consumer price index.
— Jeff Cox
4 Hours Ago
S&P 500 opens little changed
The S&P 500 began Wednesday's session little changed.
The broad-based index climbed 0.1% just after the opening bell, while the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average traded up 37 points, or 0.1%.
— Sean Conlon
4 Hours Ago
SpaceX rises again after surpassing Amazon in market cap
SpaceX celebrates their IPO at the Nasdaq on June 12th, 2026.
Adam Jeffery | CNBC
SpaceX shares rose more than 3% in premarket trading on Wednesday, building on its strong gains since its blockbuster IPO last week.
SpaceX's jump this week sent its market cap above Amazon on Tuesday, when it also briefly surpassed Microsoft to become the fourth-largest company in the U.S. by valuation at that time.
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SPCX, 1-day
— Kai Nicol-Schwarz and Sean Conlon
4 Hours Ago
Micron's rally can continue from here, Deutsche Bank says
Sopa Images | Lightrocket | Getty Images
Micron Technology has considerable room left to run as the company positions itself to benefit from a memory shortage amid the artificial intelligence boom, according to Deutsche Bank.
The bank has a buy on the semiconductor name. It hiked its price target to $1,500 from $1,000, implying 47% upside from Tuesday's close.
"We see strong upward bias to our estimates given management's intra-quarter commentary around its financial outlook strengthening, continuous strength in memory pricing, and the company's historical tendency to beat Street revenue estimates," analyst Melissa Weathers said Tuesday in a note to clients.
Shares of Micron have surged 258% in the year to date, fueled by a memory supply crunch worsened by widening AI adoption. It's a trend that should continue for the next few years, boosting the semiconductor firm's stock, according to Deutsche Bank.
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Micron shares, year-to-date
CNBC Pro subscribers can read more here.
— Liz Napolitano
5 Hours Ago
U.K. government bonds rally on cooler-than-expected inflation print
People walk along Waterloo Bridge past the City of London skyline, the capital's financial district, on a sunny and mild day.
Sopa Images | Lightrocket | Getty Images
U.K. government bonds — known as Gilts — rallied on Wednesday after a cooler-than-expected inflation print.
Yields on 10-year Gilts, the main benchmark for British government borrowing, were last seen more than 4 basis points lower at 4.7467% shortly after 1:00 p.m. in London (8:00 a.m. E.T.).
The shorter-dated 2-year Gilt yield also fell more than 4 basis points to 4.1411%. The 30-year Gilt yield was last seen almost 3 basis points lower at 5.4663%.
U.K. inflation remained unchanged at 2.8% in May, official figures showed on Wednesday, coming in lower than the 3% forecast by economists in a Reuters poll.
The numbers come ahead of the Bank of England's latest monetary policy decision on Thursday, which is expected to see interest rates held at their current level of 3.75%.
— Hugh Leask
5 Hours Ago
Carmax, AST SpaceMobile and La-Z-Boy are among the stocks making moves before the bell
Check out the companies making the biggest moves premarket:
- Carmax — Shares rose more than 3.5% after the company delivered an earnings and revenue beat in its first-quarter financial report. CarMax reported earnings of $1.31 per share, well above analysts polled by LSEG's expectations for earnings of 95 cents per share.
- AST SpaceMobile — The stock jumped 6% following the company's announcement that it successfully launched into orbit three new satellites on Wednesday that will continue to build its cellular broadband network in space. SpaceX's Falcon 9 rocket was used for the launch, and its shares were rising almost 3%.
- La-Z-Boy— The stock surged 16% after it reported retail sales rose 11% in its fiscal fourth quarter compared to the year prior. La-Z-Boy also delivered an earnings beat and revenue about in-line with FactSet consensus estimates.
Read the full list here.
— Davis Giangiulio
6 Hours Ago
Trump says Iran deal 'not final', U.S. will 'go right back to dropping bombs' if he doesn’t like Iran deal
U.S. President Donald Trump speaks during a bilateral meeting with Egyptian President Abdel Fattah el-Sisi on the sidelines of the G7 Summit on June 17, 2026 in Evian-les-Bains, France.
Anna Moneymaker | Getty Images
Trump said Wednesday a deal was not yet final, noting the U.S. will " go right back to dropping bombs" if he doesn't like the agreement.
"It's not final, it's a memorandum of understanding, and if I don't like it, we'll go back to shooting at them, dropping bombs on their heads. I don't like it if they don't behave. We'll go right back to dropping bombs right smack in the middle of their head," Trump said at the G7 conference.
Crude priced bounced to trade slightly higher following that comment. WTI and Brent futures were up 0.4% and 0.3%, respectively.
— Fred Imbert
7 Hours Ago
Chip stocks rise
Chip stocks rose in early trading, giving Nasdaq-100 futures a boost.
The Invesco PHLX Semiconductor ETF (SOXQ) traded 2.4% higher. ASML and Intel gained 4% each to lead the advance. Micron, Lam Research and Marvell Technology also rose at least 3% each.
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SOXQ rises
— Fred Imbert
9 Hours Ago
Japan's Nikkei 225 closes at record high amid broad gains in Asia markets
Asia markets closed mostly higher Wednesday, with Japan's Nikkei 225 reaching a record high.
Nikkei 225 closed 0.72% higher to end the trading day at 69,902.25. South Korea's Kospi advanced 1.58% to 8,864.24.
Hong Kong Hang Seng Index slipped 0.78% as of its last hour of trade, while mainland China's CSI 300 was up 0.97% to 4,931.39. Australia's benchmark S&P/ASX 200 gained 0.54% to 8,966.3.
— Justina Lee
10 Hours Ago
European stocks mixed; Autos sink as BMW shares plunge 7% on profit warning
A logo outside the BMW AG showroom in Madrid, Spain, on Friday, March 28, 2025.
Bloomberg | Bloomberg | Getty Images
European markets were in mixed territory shortly after the market open on Wednesday, with losses led by the auto sector after a profit warning issued by Germany's BMW.
The pan-European Stoxx 600 was hovering just after 8:10 a.m. in London (3:10 a.m. E.T.).
Regional sectors and major bourses were mixed. The Italian FTSE MIB advanced 0.2% in early trade, while the U.K.'s FTSE 100 was almost 0.1% higher. In Paris, the CAC 40 was about 0.1% lower. Germany's DAX dropped 0.38%.
Shares in BMW tumbled 7.5% in early dealmaking after the German auto manufacturer issued a profit warning on the back of a downturn in Chinese demand and the ongoing impact of the Middle East war. European autos and parts stocks fell 2.8%.
— Hugh Leask
13 Hours Ago
HSBC shares gain nearly 2% as lender announces multi-year partnership with Google Cloud
HSBC's shares in Hong Kong gained nearly 2% Wednesday after the lender reportedly announced a multi-year partnership with Google Cloud to build its artificial intelligence capabilities.
The British lender announced the appointment of its first chief AI officer earlier this year. "AI is going to play an ever-increasing role in HSBC's future plans," said David Rice, HSBC's chief AI officer in a statement following his appointment.
Financial institutions are ramping up efforts in AI capabilities as they seek to boost efficiency and profits, as AI use becomes more ubiquitous in the banking industry.
The market share that global AI will have in the banking sector is expected to reach $143.56 billion by 2030 from $19.87 billion in 2023, according to a report by Grand View Research.
— Justina Lee
17 Hours Ago
Japan exports in May grow at fastest pace in over three years, exceeding estimates
Japan's exports in May grew at their fastest pace since November 2022, rising 17% year on year, beating expectations, driven by robust demand for cars and semiconductors.
Growth was higher than the 16.2% expected by economists polled by Reuters, and up from the 14.8% in April.
The country's exports of semiconductors surged 61.2% in May from a year earlier in terms of value, powered by booming demand for artificial intelligence technology, while shipments of cars jumped 16.4%, according to the official data.
The economic data comes after the Bank of Japan raised its policy rate on Tuesday by 25 basis points to the highest in over 30 years at 1%, as the country sees rising inflation and the yen stays weak.
— Lim Hui Jie and Anniek Bao
17 Hours Ago
South Korea's Kospi drops 1%, leading losses in Asia markets
Asia-Pacific markets opened broadly lower early Wednesday, with South Korea's Kospi leading losses.
The Kospi dropped 1.02% at the open, while the small-cap Kosdaq was marginally lower. Japan's Nikkei 225 slipped 0.20%, while the Topix rose 0.46%.
Australia's benchmark S&P/ASX 200 was 0.17% lower.
Hong Kong Hang Seng index futures were last at 24,510, higher than the index's prior close of 24,493.95.
— Justina Lee
17 Hours Ago
Asia-Pacific markets set to open mixed with focus on Fed rate decision
Asia-Pacific markets were set to open mixed on Wednesday amid easing tensions in the Middle East, while traders await the U.S. central bank's interest rate decision.
Japan's Nikkei 225 was poised to decline after hitting a record intra-day high Tuesday, with the Chicago futures contract at 69,160 and its Osaka counterpart last traded at 69,110, compared with the index's previous close of 69,404.50.
Hong Kong Hang Seng index futures were last at 24,510, higher than the index's last close of 24,493.95.
Futures for Australia's S&P/ASX 200′s traded at 8,894, while the index closed at 8,917.70.
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U.S. President Donald Trump said Tuesday that he will be open to sharing details of a new U.S.-Iran peace deal with Congress, after some key Congress members called for an opportunity to review the deal before it is finalized .
The preliminary deal between the U.S. and Iran will extend the ceasefire between the two for 60 days and create a framework for future negotiations over Iran's nuclear program and other issues.
— Justina Lee
17 Hours Ago
Seven of the 11 GICS sectors end Tuesday's session higher
On Tuesday, seven of the 11 GICS sectors ended the session higher.
The financials sector was the day's outperformer, rising 1.49%. It was followed by utilities and industrials stocks, which respectively climbed 0.69% and 0.67%.
On the other hand, information technology stocks were the session's laggard, with the sector dropping 2.32%. Energy and consumer discretionary stocks respectively lost 0.25% and 0.11%, while the health care sector ending marginally lower, slipping 0.02%.
— Lisa Kailai Han
19 Hours Ago
This week's earnings calendar
These are some of the companies reporting earnings for the rest of the week:
— Lisa Kailai Han
19 Hours Ago
Stock futures open little changed
Stock futures opened near flat on Tuesday night.
Shortly after 6 p.m. ET, futures tied to all three major indexes were trading little changed.
— Lisa Kailai Han
Dow climbs more than 450 points for record close as oil tumbles on potential Iran deal
Stocks end higher as SpaceX soars in debut, U.S.-Iran deal nears
Read Original at CNBC →