The Dow Jones Industrial Average traded in a narrow range today as investors monitored corporate earnings and progress in negotiations to reopen the Strait of Hormuz. As of 8:49 p.m. Thai time, the Dow was up 32.65 points, or 0.06%, at 54,381.77. The market is watching SpaceX shares, where more than 900 million shares could be sold today after the end of a lock-up period. This phased unlocking allows early investors to sell SpaceX shares for the first time, potentially putting pressure on the stock price. The Dow closed more than 200 points higher yesterday, hitting a record high, buoyed by signs of progress in talks to reopen the Strait of Hormuz. U.S. President Donald Trump said the United States is close to reaching an agreement with Iran on reopening the strait and guaranteeing maritime security, adding that discussions with Iran are going very well. The United States, Iran, and Oman are negotiating the reopening, under which ships entering the strait would use a route through Iranian waters, while ships exiting would use a route through Omani waters. Iranian Foreign Ministry spokesman Esmaeil Baghaei said Iran and Oman have made progress in talks to establish a safe commercial shipping lane through the Strait of Hormuz and have reached a mutual understanding on the geographical coordinates of the proposed route. A joint statement is being prepared to summarize key points of agreement, on condition that certain third parties do not obstruct the process. Investors are also watching Friday's nonfarm payrolls data, which will indicate the direction of U.S. interest rates. Analysts expect nonfarm payrolls to rise by 88,000 jobs in July, after a gain of 57,000 in June, and the unemployment rate to hold steady at 4.2%. The latest CME Group FedWatch Tool shows investors are pricing in a 54.9% chance that the Federal Reserve will raise interest rates by 0.25% to a range of 3.75% to 4.00% at its September meeting, down from 63.4% a week ago.
Space Exploration Technologies Corp. Class A Common StockEnd of lock-up period allows early investors to sell shares, potentially pressuring stock price.
