S&P 500, Nasdaq hit record highs as Treasury yields stall and oil slips
SPY•The S&P 500 and Nasdaq reached record highs as Treasury yields eased and oil prices fell about 2%. At 11:33 a.m. ET, the S&P 500 was up 0.86%, the Nasdaq 0.83% and the Dow 0.70%.
1. Stocks reach records
The S&P 500 and Nasdaq hit record highs on Tuesday as Treasury yields eased from multi-year highs and oil prices fell, with investors looking ahead to quarterly earnings. The 10-year Treasury yield declined 5.3 basis points, and all 11 S&P 500 sectors traded higher.
2. Company movers
Constellation Energy gained 13.9% after Google entered a 3,590-megawatt power deal with the company. Marvell Technology rose 6.5% after raising its 2028 revenue forecast to about $20 billion, citing strong data-center chip demand, while AMD gained 3.6% after CEO Lisa Su said the company planned to substantially increase chip supply in 2027.
3. Earnings and rates
The third-quarter earnings season is set to begin next week. Analysts expect S&P 500 earnings to rise more than 30% year over year, largely due to AI-related stocks. Traders saw a near 79% chance of no rate change in October, while a December hike remained largely priced in.
