The S&P 500 hit an intraday all-time high on Wednesday, and the Dow Jones Industrial Average also set a new record, rising 456 points or 0.84%, while the Nasdaq Composite gained 0.4%. Disney shares rose over 2% after its third-quarter earnings beat analyst expectations; Eli Lilly shares surged 7% as its second-quarter profit and sales both exceeded forecasts. Additionally, NVIDIA shares climbed nearly 4% after Elon Musk stated that SpaceX would exclusively use NVIDIA chips. Market sentiment was also boosted by optimistic expectations of a potential reopening of the Strait of Hormuz. However, the ADP report showed that private sector employment increased by 44,000 in July, lower than the expected 75,000, but the market reacted little to this data.