Finance

Global energy markets experienced notable volatility following reports of a potential diplomatic breakthrough between the United States and Iran. Speculation that an agreement could be reached to reopen the Strait of Hormuz led to a sharp 5% decline in crude benchmarks on Tuesday, though prices modestly rebounded on Wednesday morning as negotiations continued.

Shares of SpaceX fell roughly 10% in premarket trading after the newly public rocket company disclosed a massive sixfold increase in second-quarter capital expenditures targeted toward artificial intelligence. Similarly, Advanced Micro Devices witnessed a 7% drop before the opening bell as its adjusted quarterly earnings only marginally surpassed Wall Street expectations.

The Walt Disney Company saw its shares rise more than 3% in premarket trading following its fiscal third-quarter earnings report. Profitability for the media giant was bolstered by strong financial performances across its domestic theme parks and a major box office contribution from the theatrical release of "Toy Story 5."