Stancho AP Business Writer
NEW YORK (AP) — US stocks hang to an all-time high on Wednesday as financial markets hold their breath following a two-day big day backed by hope that the Israeli-Iran war will not disrupt the global oil trend.
The S&P 500 was 0.2% higher in early trading, just 0.7% below its all-time high. The Dow Jones industrial average had not changed substantially as of 9:35am, as of 9:35am, with the Nasdaq Composite being 0.6% higher.
The oil market, the heart of most of this week’s action, has stabilized oil prices after plunging at around $10 per barrel over the past two days. Benchmark US crude rose 0.7% per barrel to $64.81, but remains below before Israeli-Iran’s fighting broke out nearly two weeks ago.
For now, at least, it appears that a fragile ceasefire between the two countries is being held.
On Wall Street, companies involved in the cryptocurrency industry jumped at some of the bigger profits as Bitcoin prices continued to move forward with investors looking to take on more risk. Coinbase Global, The Crypto Exchange, Robos 7%, and Robinhood Markets rose 4% as Bitcoin exceeded $107,000.
They helped offset the 5.3% drop in FedEx. Recent quarterly earnings and revenues reported stronger revenue than analysts had expected, but forecasts for earnings this quarter did not meet expectations.
General Mills, the company behind Pillsbury and Progresso Soups, fell 2.8% after reporting revenues in the most recent quarter than analysts expected, but their profits surpassed forecasts. He also said the underlying profit measure could fall by 10% to 15% for this fiscal year.
In the bond market, the Treasury yields have been relatively stable, with the 10-year Treasury yield rising to 4.32% from 4.30% on Tuesday.
Yields fell a day ago after the Federal Reserve chair said he was waiting for the cut rate to resume. By lowering the rates, the Fed can help improve the economy, but it can also provide additional fuel to inflation.
Fed Chairman Jerome Powell told House Committee Tuesday that he wanted to see how President Donald Trump’s tariffs will affect the economy and inflation before President Donald Trump’s tariffs commit to the next move. Powell will speak in front of a Senate committee late Wednesday morning.
In overseas stock markets, the index fell modestly in Europe after much of Asia rose.
Stocks jumped in two major moves in Hong Kong, with 1.2% in Shanghai.
“Now the world is facing other difficult choices like tariffs and things like that,” said Frances Lun, CEO of Geo Securities in Hong Kong. “So I think the market is on track to rebound and we can reach a new level again.”
AP business writers Matt Ott and Elaine Kurtenbach contributed.
Original issue: June 25th, 2025 9:40am EDT
