US Equities Hit Records As Big Tech Drives Gains

Big technology stocks propelled the S&P 500 and the Nasdaq Composite to intraday records Tuesday, aided by a decline in US Treasury yields. The Nasdaq Composite advanced 0.7% to 27,657.7, while the S&P 500 climbed 0.7% to 7,830.5 ahead of the close. The Dow Jones Industrial Average rose 0.5% to 51,532.9. Most sectors gained, with utilities, consumer discretionary, and industrials leading the advance, while healthcare was the only sector to decline.

Technology dominated the large-cap landscape. According to data compiled by Finviz, nine of the top ten US stocks with market capitalizations exceeding $200 billion were tech names. Marvell Technology (MRVL), GE Vernova (GEV), and Broadcom (AVGO) led the mega-cap gainers, each rising by at least 4.5% in the final trading hours.

Bond yields fell across the curve, supporting equity valuations. The 10-year Treasury yield slumped 4.9 basis points to 5.26%, while the 30-year rate declined 3.3 basis points to 5.63%. The 2-year yield slid 4.4 basis points to 4.79%. In energy markets, the front-month US West Texas Intermediate crude oil contract edged down 0.2% to $89.29 per barrel, and North Sea Brent futures rose less than 0.1% to $100.38 per barrel, after both benchmarks had fallen more than 1.8% earlier in the session.

President Donald Trump signed an executive order late Monday to lower near-record diesel prices by temporarily allowing tax-exempt red-dyed diesel on highways.