Finance

Shares of Elon Musk's rocket company fell more than 9% following its first quarterly earnings report since transitioning to a public entity. Although the company surpassed Wall Street expectations on performance, its disclosure of massive capital outlays totaling $18.4 billion for artificial intelligence rattled investors concerned with high spending.

Strong corporate performances provided upward momentum for major equity averages, with notable gains coming from key medical and entertainment firms. Eli Lilly shares jumped over 7% after the company raised its full-year revenue outlook and posted higher-than-expected profits. Concurrently, The Walt Disney Co. experienced a stock lift after exceeding analyst profit forecasts on the heels of box office success from "Toy Story 5."

Bitcoin and Ethereum traded higher on Wednesday as digital asset markets reacted favorably to positive geopolitical commentary. Bitcoin managed to climb above the $64,400 threshold, while the overall global cryptocurrency market capitalization advanced more than 1%. Investor confidence was particularly supported by prospective developments concerning key shipping lanes like the Strait of Hormuz.