Today’S Market Recap:Dow Hits Fresh Record, Snowflake Jumps over 30% After Hours, U.S. Oil Plunges Nearly 6%

The White House denied a draft document leaked by Iranian media, sending the S&P 500 turning lower during the session. Rubio said the U.S. would give Iran "every chance to succeed" in negotiations, as U.S. oil tumbled nearly 6%.

The White House dismissed as fabricated a draft framework of a U.S.-Iran memorandum disclosed by Iranian state media. The draft had reportedly said the U.S. would lift its naval blockade on Iran and partially withdraw troops, while Iran would restore commercial shipping through the Strait of Hormuz within one month.Rubio said the U.S. prefers a diplomatic solution, and the outcome of negotiations would be either a "good deal" or the U.S. would respond with "another way." Oil prices extended losses after Rubio's remarks, with U.S. crude approaching its session low.

Middle East risks cooled and rate-hike expectations heated up, sending gold to a two-month low, while silver once tumbled more than 4%. 

Under a disclosed draft U.S.-Iran agreement framework, Iran reportedly pledged to restore commercial shipping through the Strait of Hormuz within one month, after which gold prices fell to their lowest level in two months. Meanwhile, tensions around Iran pushed oil prices higher, fueling inflation concerns and, in turn, rate-hike expectations. CME data shows the market now sees nearly a 40% probability of a Federal Reserve rate hike before December.

Snowflake's stock price surged over 30% in after-hours trading after it signed a $6 billion AI procurement deal with Amazon AWS. 

The company reported strong first-quarter results: revenue grew 33% year-over-year, exceeding market expectations, and its second-quarter guidance also beat expectations. Under the agreement, Snowflake plans to invest $6 billion in AWS over the next five years, purchasing Graviton chips and GPUs for AI.

Salesforce's guidance fell short of expectations, exacerbating market concerns about AI disrupting the software industry. 

The company reported first-quarter fiscal 2027 revenue of $11.13 billion, a 13% year-over-year increase. Agentforce's annualized revenue exceeded $1.2 billion, a significant 205% year-over-year increase. However, total remaining fulfillment obligations were $67.9 billion, lower than the expected $68.9 billion. Even more disappointing for the market was the second-quarter revenue guidance of $11.3 billion and the full-year revenue guidance midpoint of $46.05 billion, both below expectations. As a result, Salesforce shares fell more than 3% in after-hours trading.

The chart below lists the ten most actively traded stocks on Wednesday. With their massive trading volumes and excellent liquidity, these assets have become key benchmarks for tracking global market dynamics.