S&P 500 hits fresh record high on earnings beats and Hormuz deal optimism
The S&P 500 rose for a fifth straight session, marking its longest winning streak since early June, as strong corporate results and progress on a Strait of Hormuz deal fueled gains.
U.S. equities extended their rally to new all-time highs, propelled by a broad earnings season where nearly 90% of reporting companies beat estimates. Rising confidence in a potential accord over the Strait of Hormuz added to the positive mood, lifting the S&P 500 for its fifth consecutive session — the longest streak since early June.
Despite the upbeat tone, July’s ADP private payrolls report came in weaker than expected, signaling a cooling in hiring. The data temper, but did not reverse, the risk-on sentiment, as investors balanced slower jobs growth against still-solid economic fundamentals.
Stock moves were mixed within tech. Nvidia gained on continued artificial-intelligence enthusiasm, while AMD slipped after issuing a softer sales outlook. Treasury yields held mostly steady and the dollar edged lower. Gold prices climbed, reflecting a search for hedges amid lingering uncertainties. Oil remained under pressure.
Source: First Squawk