Summary · why it matters
U.S. stock indices settled mixed on Wednesday, with the Dow Jones Industrial Average rising 0.49% to a new all-time high, while the S&P 500 slipped 0.17% from a record high and the Nasdaq 100 fell 0.83% from a one-month high. A 7% drop in Advanced Micro Devices weighed on chipmakers after its third-quarter sales forecast disappointed investors, and SpaceX tumbled more than 13% on higher-than-expected AI spending. Gains in Booking Holdings, up over 6% on strong gross bookings, and Amgen, up over 3% on better-than-expected earnings, provided some support. Economic data was slightly weaker than expected, with ADP employment rising by 44,000 versus the 65,000 estimate, and the ISM services index edging up to 54.1 against a forecast of 54.5, while hawkish comments from Kansas City Fed President Jeff Schmid and Minneapolis Fed President Neel Kashkari calling for tighter policy added pressure.