S&P 500, Nasdaq reach record closing highs as focus pivots to earnings
SPY•U.S. stocks ended higher, with the S&P 500 up 0.60% to 7,820.47 and the Nasdaq up 0.46% to 27,604.74, both record closing highs. Investors turned toward third-quarter earnings season, which begins next week.
1. Stocks set records
U.S. stocks rose on Tuesday as crude prices steadied and Treasury yields eased, helping lift the S&P 500 and Nasdaq to record closing highs. The Dow gained 0.49% to 51,531.57.
2. Earnings season ahead
Third-quarter earnings season starts next week, with several prominent financial firms expected to report next Tuesday. Analysts expect aggregate S&P 500 earnings growth of 30.6% for the July-to-September period, led by estimated increases of 114.7% in energy and 66.5% in technology.
3. Trade and company news
The U.S. trade deficit widened 13.7% as imports reached a record high, including a 4.4% rise in capital goods imports in August. Marvell rose after raising its 2028 revenue forecast, AMD gained after CEO Lisa Su said the company plans to substantially increase chip supply in 2027, and Constellation Energy jumped after Alphabet entered a 3,590-megawatt power deal with it.
