US open: S&P 500 nears record high
By Iain Gilbert
Date: Wednesday 25 Jun 2025
(Sharecast News) - Wall Street trading got off to a mixed start on Wednesday as market participants continued to wonder if the ceasefire between Iran and Israel would last.
As of 1445 BST, the Dow Jones Industrial Average was down 0.10% at 43,047.57, while the S&P 500 advanced 0.25% to 6,107.21 and the Nasdaq Composite came out of the gate 0.67% firmer at 20,046.13.
The Dow opened 41.45 points lower on Wednesday, doing little to impact solid gains recorded in the previous session despite Israeli claims that Iran had already breached a ceasefire agreement, while the S&P 500 neared its intraday record of 6,147.43.
The Middle East conflict was in focus again on Wednesday, with market participants holding out hope that Donald Trump's recently announced ceasefire agreement will hold up. Trump already called for Israel to "calm down" after both it and Iran violated the ceasefire.
"Israel, as soon as we made the deal, they came out and they dropped a load of bombs, the likes of which I've never seen before, the biggest load that we've seen," he said. "We basically have two countries that have been fighting so long and so hard that they don't know what the f**k they're doing."
Elsewhere, testimony from Federal Reserve chairman Jerome Powell before the Senate Banking Committee will also likely draw an amount of investor attention.
On the data front, US mortgage applications increased by 1.10% in the week ended 20 June, according to the Mortgage Bankers Association of America, trimming the prior week's 2.6% drop. Applications to refinance a mortgage rose by 3%, while applications to purchase a home were broadly flat week-on-week.
Elsewhere, May's new home sales figures will be released at 1500 BST.
In terms of corporate news, FedEx shares fell sharply after the transport and logistics giant underwhelmed with its guidance as demand was impacted by a raft of trade policy changes, while General Mills warned that FY profits would come in short of expectations amid weak US demand for its refrigerated baked goods and snacks.
Still to come, Micron will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com
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