S&P 500 and Nasdaq Hit Records as Constellation Energy Soars
U.S. stocks surged on Tuesday, with the S&P 500 and Nasdaq 100 reaching fresh all-time highs. The S&P 500 advanced 66 points, or 0.9%, to 7,840, while the Nasdaq 100 gained 0.8% to 31,317, extending its winning streak to six consecutive sessions. The Dow Jones Industrial Average also rose 365 points, or 0.7%, to 51,632.
Treasury yields retreated from recent highs, with the 10-year yield falling about 4 basis points to 5.27%. Oil prices edged lower, as West Texas Intermediate crude slipped 0.3% to $89.12 per barrel, and Brent crude eased 0.7% to $99.64. Meanwhile, gold futures rose 0.7% to $4,188 per ounce, and Bitcoin traded near $85,640, up 0.5% over the past 24 hours.
Constellation Energy Corp. led the gains, surging 13.9% after announcing a 20-year nuclear energy deal with Google. Talen Energy Corp. and Vistra Corp. also saw significant gains, rising 13.7% and 11.3%, respectively. Among other notable movers, Corteva Inc. rallied 12.3% following a JPMorgan upgrade, and Lamb Weston Holdings Inc. gained 11.7% after strong quarterly earnings.
On the downside, biotech funds broadly retreated, with Tempus AI Inc. falling 10.6%, UWM Holdings Corp. dropping 7.4%, and Guardant Health Inc. sliding 7.3%. Western Digital Corp. lost 6.5% as reports of Toshiba's plans to double hard-disk drive output weighed on storage stocks.