The Dow Jones Industrial Average surged to a new record high Tuesday morning, while the Nasdaq Composite lost ground as tech stocks tumbled.
The Dow, which closed at its first record high in two months on Monday, was up 1.3%, a more than 500-point gain, in recent trading. The S&P 500, which is just shy of a record of its own, was up 0.3%, while the Nasdaq Composite was off 0.2%.
The Dow’s upswing was being led by UnitedHealth (UNH), which was up more than 5% after the insurer reported better-than-expected earnings. Goldman Sachs (GS) and Caterpillar (CAT) were both up more than 2%.
Major stock indexes have been supported in recent weeks by gains for large-cap technology stocks and expectations the Federal Reserve will cut its influential fed funds rate as soon as September.
On Tuesday, several big-name tech stocks were moving lower, with chipmakers Nvidia (NVDA), Advanced Micro Devices (AMD), Micron (MU) and Broadcom (AVGO) among the decliners. Apple (AAPL) and Tesla (TSLA) also lost ground.
Bank of America (BAC) shares were up more than 4% after a strong earnings report, while Charles Schwab (SCHW) tumbled nearly 7% after releasing results.
As earnings reports roll out in the coming days and weeks, investors will be getting fresh views on how companies are navigating an environment of continued high interest rates and slowing economic activity.
Treasury yields, which have fallen in recent weeks as expectations of a Fed rate cut have grown, were trading around 4.20%, down from the day before but higher than earlier Tuesday, after retail sales data came in stronger than expected.
Market participants are closely monitoring economic data releases, as well as comments from Federal Reserve officials, for clues on the timetable for interest rate cuts. On Monday, Fed Chair Jerome Powell reiterated that progress has been made in the fight against inflation, noting that annual inflation doesn’t need to fall to the Fed 2% target before the central bank starts cutting rates.
Meantime, investors are watching developments at the Republican National Convention, after former President Donald Trump named Ohio senator J.D. Vance as his running mate for the presidential election.
UnitedHealth Leads Dow Gainers After Earnings
44 minutes ago
UnitedHealth Group (UNH) shares advanced Tuesday after the big health insurance provider posted better-than-expected profit on higher revenue from its Optum health care unit, while adding that the costs associated with a February cyberattack would be greater than previously estimated.
The company reported second-quarter adjusted earnings per share (EPS) of $6.80, more than anticipated. Revenue was up 6.4% year-over-year to $98.9 billion, in line with forecasts.
UnitedHealth affirmed its full-year adjusted EPS outlook of $27.50 to $28.00 that it gave last November, even though the negative impact of the hack would be $0.60 to $0.70 per share.
UnitedHealth shares were up 5% about an hour into Tuesday’s session.
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DJIA Levels to Watch as Index Hits Record Highs
1 hr 26 min ago
The Dow Jones Industrial Average gained more than 300 points in early trading Tuesday, after finishing at its first record high in two months the previous session.
On Monday, the index broke out from an ascending triangle, a chart pattern that indicates a continuation of the uptrend.
The measuring principle projects a shorter-term price target of 43,500, while a bars pattern forecasts a longer-term price target of around 46,615.
During retracements, the DJIA may find support near the ascending triangle’s upper and lower trendlines at 40,000 and 39,300, respectively.
Read our technical analysis here.
Stock Futures Point to Higher Open
2 hr 52 min ago
Futures tied to the Dow Jones Industrial Average were up 0.1%.
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S&P 500 futures gained 0.2%.
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Nasdaq 100 futures also rose 0.2%.
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