Early Gains Fade as AI and Earnings News Shape Wall Street

U.S. stocks opened higher on Wednesday, helped by a rebound in technology and AI-related shares after SpaceX's results and SMCI's improved guidance, though the advance did not hold. Sector performance was uneven, with industrials, technology and energy leading while communications, healthcare and consumer staples weakened, and Netflix's earnings weighed on media shares. A busy earnings session moved individual names, including AT&T, Abbott Laboratories and Intuitive Surgical, while oil climbed on Middle East supply concerns and Treasury yields were little changed.

An early lift from SpaceX results and SMCI’s raised guidance faded by mid-morning, leaving the Dow down about 0.14% while the S&P 500, Nasdaq and Russell 2000 held small gains. Industrials, technology and energy led; communications, healthcare and consumer staples lagged. Netflix’s report weighed on media shares, and Alphabet fell 2.1% after cautious advertising commentary.

Oil rose more than $1 as Gulf shipping attacks and stalled Iran-war diplomacy raised supply concerns, with Brent close to a five-month peak. Treasury yields were nearly flat. AT&T dropped on fiber revenue-per-user pressure, Abbott fell after trimming its sales-growth outlook and planning a nutrition spinoff, and Intuitive Surgical declined on slower U.S. procedure growth.