S&P 500 and Nasdaq 100 Rise to Records
US stocks held their slight gains on Tuesday as markets assessed a series of earning reports ahead of major economic developments. The S&P 500 added 0.3% to 6,400 and the Nasdaq 100 gained 0.5% to cross 23,400, both at record highs, while the Dow hovered near the flatline. Union Pacific jumped 2% after agreeing to acquire Norfolk Southern in the US's largest ever rail deal.
In the meantime, tech giants were mostly higher ahead of earnings results from the largest market caps in the world this week, including Microsoft, Meta, Amazon, and Apple. On the other hand, United Health (-6%), P&G, (-1%), Merck & Co (-8.5%), UPS (-7%), and Boeing (-1.5%) were all sharply lower after reporting results before the bell. Job openings missed forecasts to kick off a batch of new labor market updates this week, in addition to the US GDP, expected to rebound sharply. The Fed is expected to hold rates tomorrow as the robust economic backdrop coincides with pro-inflationary risks of steeper US tariffs.
Source: Trading Economics
