08:15 AM EDT, 08/05/2026 (MT Newswires) -- The benchmark US stock measures were trending higher in Wednesday's premarket activity amid growing optimism over a potential deal to reopen the Strait of Hormuz, while investors await the latest batch of corporate earnings.

The S&P 500 and the Dow Jones Industrial Average rose 0.3% each before the opening bell, while the Nasdaq edged up 0.1%. The S&P 500 and the Dow recorded fresh all-time highs on Tuesday, while the Nasdaq advanced for a fourth consecutive session.

President Donald Trump reportedly said late Tuesday that an agreement to reopen the Strait of Hormuz, the world's most important chokepoint for crude flows, is imminent, following "very good discussions" with Iran, according to CNBC.

Treasury Secretary Scott Bessent told CNBC on Tuesday that a potential deal to open the crucial waterway could be reached this week. Qatar's Foreign Ministry spokesperson Majed al-Ansari reportedly said that efforts to resolve the US-Iran conflict are "in very progressive stages."

West Texas Intermediate crude oil increased 1.1% to $76.58 a barrel in premarket action, while Brent gained 1.7% to $80.73.

Yemen's Iran-aligned Houthis reportedly claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a separate CNBC report.

Treasury yields were mixed before the open, with the two-year rate rising 1.2 basis points to 4.21% while the 10-year rate retreated 1 basis point to 4.62%.

Eli Lilly ( LLY ) , Walt Disney ( DIS ) , Shopify ( SHOP ) , Uber Technologies ( UBER ) , CVS Health ( CVS ) , Phillips 66 (PSX), Kraft Heinz ( KHC ) and Global Payments ( GPN ) are scheduled to report their latest financial results before the bell, among others.

Sandisk ( SNDK ) , AppLovin ( APP ) , McKesson (MCK), DoorDash ( DASH ) , eBay ( EBAY ) and Expedia ( EXPE ) post their earnings after the markets close.

Shares of SpaceX (SPCX) dropped 12% pre-bell after the rocket and satellite company reported quarterly results for the first time since going public. Advanced Micro Devices ( AMD ) fell 8.6% even though it recorded fiscal second-quarter results above market estimates. Arista Networks ( ANET ) jumped 16%.

Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for July at 8:15 am. The purchasing managers' index composite final report from S&P Global ( SPGI ) for July is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.

The domestic EIA petroleum inventories report is due at 10:30 am.

Federal Reserve Governor Lisa Cook is scheduled to speak at 4:05 pm, while San Francisco Fed President Mary Daly speaks at 8:35 pm.

Gold gained 1.5% to $4,215 per troy ounce, while bitcoin slipped 0.2% to $64,146.