S&P 500, Nasdaq reach record closing highs as focus pivots to earnings
Six of the ‘Magnificent Seven’ group of AI-linked firms advance; small-caps lag larger-caps
The US stock market reached record highs on Tuesday, with the S&P 500 and Nasdaq Composite indices hitting all-time closing levels. This was attributed to stabilizing oil prices and easing US Treasury yields, which lessened investors' concerns about energy-driven inflation. The "Magnificent Seven" AI-linked firms saw gains, while smaller companies lagged behind.
The Dow Jones Industrial Average was just over 5 per cent below its record closing level from August. Despite this, the Federal Reserve's chances of raising interest rates by 19.4 per cent at their October meeting have decreased, as oil prices have eased and an agreement among G7 nations to release emergency stockpiles of diesel and crude helped stabilize crude futures.
When earnings season begins next week, analysts expect a 30.6 per cent annual increase in S&P 500 earnings, driven by energy and tech sectors. Companies such as Marvell Technology, AMD, Constellation Energy, and Option Care Health saw significant gains following announcements of revenue forecasts or strategic partnerships.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- S&P 500, Nasdaq reach record closing highs as focus pivots to earnings freemalaysiatoday.com
- S&P 500, Nasdaq reach record closing highs as focus pivots to earnings straitstimes.com
