S&P 500 closes at record high in a cheery day for markets, tech
Tuesday was a turnaround day after all three market indices (^DJI, ^IXIC, ^GSPC) closed the trading session higher, the S&P 500, in particular, setting a new record high.
Yahoo Finance's Julie Hyman and Jared Blikre highlight the day's market and sector action following the closing bell, monitoring the gains of several Nasdaq tech leaders.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: The Dow higher by about 236 points, call it about 2/3 of 1%. As we've been talking about after the CPI report this morning, even though it came in a little hot, there doesn't seem to be a lot more concern about the Fed keeping rates higher for longer, or the markets don't seem as worried about it as you might expect. The S&P 500 looks like it's closing at a record here today, 5,175.24 indeed beats the previous closing high from a few days ago, up about 1.1% on the day. And the NASDAQ Composite up 1.5% here on the day as well. Technology has been leading the gains that we've been seeing.
As we talked about earlier, just wanted to check again on the 10-year yield here at 4.15%, rising on the day, following those inflation figures. And what the heck? Let's take a look at Bitcoin as well. We were talking about it earlier with Michael Saylor, down a little bit on the day about 3/4 of 1%. Jared has got a look at the sectors for us right now.
JARED BLIKRE: You bet. And let's take a look not on the travel sector right here, we want to get the sector large caps of the day. So tech, XLK, you can see in the upper left there, that is by far and away the number one sector. It's also the only outperformer. That means it was carrying the bulk of today's gains.
To the downside, utility is the biggest loser, down 1%. That has been a winner recently, but real estate also down, interest rate-sensitive sector. CPI going on somewhat explains that. Energy and materials also down. And just real quickly looking inside the tech-heavy NASDAQ, NVIDIA up 7%. I'm going to check a five-day chart. Is it good enough for another record high? I don't think so. But my goodness, we're close, and we're getting there.
JULIE HYMAN: Yeah. I'm also curious don't you have your leading heatmap like the leading indicators heatmap? Because I'm curious as we see tech rally today how some of those other sort of memy, buzzy things are doing.
JARED BLIKRE: Well, KWEB, that's Chinese internet. That's up 4.2%. We could look in there and see what the individual names are, but that is separate from the US tech. They rally on their own fundamentals. Then second is software, and then we see New York Fang. That's really mega-cap heavy. And then Momentum then the chip stocks. But if we look inside software here, this is a change that we've seen. Take a look over the last five days. Well, you don't see as much red as I thought you might have, but nevertheless, it has been under a little bit of pressure. And then the chip stocks also doing well today.
