Strong corporate earnings lift major indexes while rising energy prices reflect ongoing geopolitical uncertainty.
By yourNEWS Media Newsroom
U.S. equities moved closer to record levels Wednesday, supported by stronger-than-expected corporate earnings, even as rising oil prices signaled continued concern over instability tied to the Iran conflict.
The benchmark S&P 500 advanced 0.8%, approaching its previous all-time high set days earlier. The Dow Jones Industrial Average gained about 210 points, or 0.4%, while the Nasdaq composite rose 1.2%, also nearing record territory.
Several major companies posted quarterly results that exceeded analyst expectations, contributing to the market’s upward momentum. GE Vernova surged 12.8% after reporting first-quarter profits well above forecasts. The company cited strong demand linked to artificial intelligence infrastructure, noting that its electrification division secured $2.4 billion in data center-related equipment orders during the quarter—surpassing its total for all of the previous year. It also raised its full-year outlook.
Other firms reporting strong results included Boston Scientific, which rose 9%, Boeing, up 6.7%, and Philip Morris International, which gained 5.2%.
Despite the positive earnings trend, investor sentiment remained tempered by developments in global energy markets. The price of Brent crude oil climbed 3.5% to $101.91 per barrel, reflecting uncertainty surrounding the conflict involving Iran and disruptions to oil shipments through the Strait of Hormuz.
Recent incidents in the region—including attacks on commercial vessels and seizures of ships—have heightened concerns about supply constraints. The waterway is a critical route for global oil transport, and restrictions have contributed to elevated prices. Brent crude has risen sharply from roughly $70 per barrel prior to the conflict, at one point exceeding $119 before stabilizing in recent weeks.
The situation has been further complicated by policy actions from Donald Trump, who recently extended a ceasefire while maintaining a blockade on Iranian oil exports, limiting the country’s ability to sell crude.
Elsewhere in the market, Best Buy declined 4.1% following the announcement that CEO Corie Barry will step down, with company executive Jason Bonfig set to take over.
Shares in cannabis-related companies rose after reports indicated the administration is preparing to reclassify marijuana under federal law. Tilray Brands jumped 10.5%, while Canopy Growth surged 18.6%, as investors reacted to the potential regulatory shift.
International markets showed mixed results. Japan’s Nikkei 225 index rose 0.4%, while Hong Kong’s Hang Seng index fell 1.2%. European markets edged lower.
In the bond market, yields remained relatively stable despite the rise in oil prices. The yield on the 10-year U.S. Treasury note slipped slightly to 4.29%.
The market movements reflect a balance between strong corporate performance and ongoing geopolitical risks, with investors continuing to monitor developments in both earnings reports and global energy supply.