US stocks rise as SpaceX falls 12.5%

US stocks opened higher Wednesday, extending recent gains as mostly strong corporate earnings supported Wall Street while SpaceX fell 12.5 percent early in the session.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.9 percent at 54,586.35. The S&P 500 gained 0.7 percent to 7,788.02, and the Nasdaq Composite Index rose 0.5 percent to 26,717.42.

Cresset Capital's Jack Ablin said “earnings season is still a positive” and pointed to upbeat comments from Trump administration officials about a possible US-Iran deal to reopen the Strait of Hormuz.

Payroll firm ADP reported 44,000 private-sector hires in July. The figures are watched ahead of official employment numbers due Friday, although the reports can diverge.

SpaceX reported a 92 percent jump in second-quarter revenue on AI computing deals and Starlink satellite growth, while expenditures exceeded $18 billion in the three months ending in June. Disney rose 2.6 percent after reporting profits and citing a strong performance in its theme park business.