The Dow Jones Industrial Average extended its winning streak to five straight sessions on Wednesday, closing at a fresh all-time high. The blue-chip index gained 263.24 points, or 0.49%, to finish at 54,349.12 — another record close for the 30-stock benchmark.
It wasn’t a clean sweep for Wall Street, though. The S&P 500 touched a new intraday record earlier in the session before losing steam, ultimately closing down 0.17% at 7,723.55 as tech shares pulled the index lower. That pullback snapped a four-day winning streak for the S&P 500. The Nasdaq Composite had a rougher day, dropping 0.83% to close at 26,363.44.
Nvidia Gets a Boost From SpaceX Comments
One of the day’s standout movers was Nvidia, which climbed more than 3% after SpaceX CEO Elon Musk said the company plans to rely exclusively on Nvidia chips as it builds out its AI computing infrastructure. During SpaceX’s earnings call, Musk called Nvidia’s hardware “the best AI computer,” adding that SpaceX would be “exclusive to Nvidia” going forward.
SpaceX Shares Slide After First Earnings Report as a Public Company
Despite the Nvidia endorsement, SpaceX’s own stock didn’t fare as well. Shares dropped more than 13% following the company’s first quarterly report since its public listing in June. The steep decline came after SpaceX revealed its capital expenditures had jumped sixfold to $18.4 billion in the second quarter, raising investor concerns about the pace of its AI-related spending.
Shake Shack Jumps on Activist Investor Stake
Shake Shack was another notable mover, with shares climbing nearly 9% after Starboard Value CEO Jeff Smith confirmed to Bloomberg that his firm had built a position in the company worth hundreds of millions of dollars — reportedly making Starboard the company’s largest active shareholder. In response, a Shake Shack representative said the company welcomes the investment.
