Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., Aug. 7, 2026.
Jeenah Moon | Reuters
The S&P 500 rose to a fresh all-time intraday high on Tuesday, boosted by gains in key technology names as well as declines in Treasury yields.
The broad market index climbed 0.58% for a record close of 7,818.93, while the Dow Jones Industrial Average gained 253.38 points, or 0.49%, to end at 51,521.28. The Nasdaq Composite added 0.45% and closed at a record 27,599.79. The tech-heavy index hit a new all-time high during the session as well.
The moves higher were bolstered by a rise in chipmakers. Marvell Technology popped 5.8%, and Advanced Micro Devices gained nearly 3%, as investors grew optimistic about the companies’ outlooks. Others such as Broadcom advanced 3.7%.
“Everyone’s like markets are up. AI is the place to be,” said Stephen Kolano, chief investment officer at Integrated Financial Partners. Investors are “looking through the inflation concerns right now, especially as it relates to oil, diesel, etc. It’s like ‘Okay, that’s something that potentially gets resolved in the future.'”
Oil prices ended the day little changed. Brent crude traded 0.26% higher to settle at $100.58 per barrel. West Texas Intermediate futures rose just 0.01% to $89.44 a barrel.
Kolano also said that interest rates are “fundamentally kind of where they need to be.” The benchmark 10-year Treasury note yield fell 3 basis points to 5.281%, while the 30-year bond yield was last little changed at 5.655%. Both scaled to levels not seen since 2002 on Monday.
“People are looking for where might there be some source of contagion that starts to spread, but right now, it’s all staying well contained and just being dominated by the momentum, the earnings growth, the investment coming from artificial intelligence,” he added.
Traders are now looking ahead to the Federal Reserve’s minutes from its September meeting due Wednesday, which could shed some light on policymakers’ move to raise rates.
Leave a comment