The S&P 500 rose to a new all-time intraday record on Wednesday, building on its big rally in recent days, as traders pored through the latest batch of strong corporate earnings reports and grew hopeful that the Strait of Hormuz would be reopened in the near term.

The broad market index gained 0.6%, while the Nasdaq Composite added 0.4%. The Dow Jones Industrial Average advanced 365 points, or 0.7%. The 30-stock index also scored a fresh all-time high.

SpaceX stock dropped 11% in morning trading on Wednesday, as a better-than-expected inaugural earnings report wasn't enough to ease investors' fears about the rocket company's artificial-intelligence spending plans. SpaceX's sales and earnings before interest, taxes, depreciation, and amortization (Ebitda) both beat analysts' targets, but higher-than-expected capital expenditures overshadowed the second-quarter beat. Elon Musk's company reported capex of $18.4 billion for the quarter, well above what Wall Street was looking for. It spent $15.8 billion on AI over the period.

Advanced Micro Devices shares fell 7% in morning trading on Wednesday as the chipmaker's revenue ‌forecast failed to impress investors seeking clearer signs that a multibillion-dollar AI spending boom will translate into faster growth. SpaceX's decision to build its computing infrastructure exclusively on rival Nvidia chips dealt ​another blow to the stock.