S&P 500 and Nasdaq 100 Hit Record Highs on Strong Market Rally
The U.S. stock market continued its upward trend on Tuesday, with the S&P 500 and Nasdaq 100 hitting new record highs. The S&P 500 climbed 66 points, or 0.9%, to reach 7,840, while the Nasdaq 100 gained 0.8% to 31,317, extending its streak of gains for the sixth straight session. The Dow Jones Industrial Average also rose 365 points, or 0.7%, to 51,632. Meanwhile, Treasury yields pulled back from recent highs, and oil prices edged lower.
On the macroeconomic front, the U.S. trade deficit widened to $105.6 billion in August, up from $92.8 billion in July. Imports rose to $420.8 billion, while exports increased to $315.2 billion. West Texas Intermediate crude slipped 0.3% to $89.12 per barrel, and Brent crude eased 0.7% to $99.64. The 10-year Treasury yield fell 4 basis points to 5.27%, retreating from a 24-year high of 5.33%. Gold futures rose 0.7% to $4,188 per ounce, and the SPDR Gold Shares (NYSE:GLD) gained 0.5%. Bitcoin (CRYPTO:BTC) traded near $85,640, up 0.5% over the past 24 hours.
Among major U.S. indices, the iShares Russell 2000 ETF (NYSE:IWM) slid 0.3%, while the Vanguard S&P 500 ETF (NYSE:VOO) gained 0.8%. The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.7%, and the Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.7%. The Industrials Select Sector SPDR Fund (NYSE:XLI) led S&P 500 sectors, rising 2.1%. Constellation Energy Corp. (NASDAQ:CEG) surged 13.9% after announcing a 20-year nuclear deal with Alphabet, while Corteva Inc. (NYSE:CTVA) rallied 12.3% following a JPMorgan upgrade and index-fund buying.
On the downside, the iShares Biotechnology ETF (NASDAQ:IBB) tumbled 3.4%, and the VanEck Oil Services ETF (NYSE:OIH) fell 3.0%. Tempus AI Inc. (NASDAQ:TEM) fell 10.6%, and Western Digital Corp. (NASDAQ:WDC) lost 6.5% as reports of Toshiba's plans to double hard-disk drive output weighed on storage stocks.