Easing yields, falling oil lift US stocks to fresh highs
SPY•The S&P 500 and Nasdaq Composite reached fresh record highs early Tuesday, with the S&P 500 up about 0.8%. The 10-year Treasury yield eased to around 5.29%, while U.S. crude fell more than 1.5%.
1. Stocks reach records
U.S. stocks rose early Tuesday, with the S&P 500 and Nasdaq Composite setting fresh record highs. The S&P 500 was up about 0.8%, and the Nasdaq 100, S&P 500 technology sector and S&P 500 Growth Index also reached fresh highs.
2. Yields and oil ease
The 10-year Treasury yield eased to around 5.29%, after reaching 5.3493% on Monday, its highest level in more than two decades. U.S. crude futures fell more than 1.5%, reaching their lowest level since September 1.
3. Sector moves vary
Utilities led S&P 500 sectors, up about 1.8%, while healthcare and communication services were lower. Software and services gained more than 1.5%, while biotech shares were under pressure. The Dow Jones Industrial Average remained about 5% below its August 5 record close, as investors looked toward the upcoming third-quarter earnings season.
