U.S. stocks extended their advance by midday Tuesday, with the S&P 500 advancing 66 points, or 0.9%, to 7,840, marking a fresh all-time high.
The Nasdaq 100 gained 0.8% to 31,317, extending its advance for a sixth straight session.
The Dow Jones Industrial Average rose 365 points, or 0.7%, to 51,632.
Treasury yields retreated from a 24-year peak and oil edged lower.
On the Macro Front
The U.S. trade deficit widened to $105.6 billion in August from $92.8 billion in July, wider than the $102 billion forecast, as imports rose to $420.8 billion from $403.6 billion and exports increased to $315.2 billion from $310.7 billion.
West Texas Intermediate crude slipped about 0.3% to roughly $89.12 per barrel, while Brent crude eased about 0.7% to around $99.64.
The 10-year Treasury yield fell about 4 basis points to 5.27%, retreating from a 24-year high of 5.33%. The 2-year yield declined 2 basis points to 4.80%, and the 30-year slipped 3 basis points to 5.63%.
Gold futures rose 0.7% to $4,188 per ounce, and the SPDR Gold Shares (NYSE:GLD) gained 0.5%. Silver futures climbed 0.5% to $61.60, while the iShares Silver Trust (NYSE:SLV) rose 0.3%.
Bitcoin (CRYPTO: BTC) traded near $85,640, up 0.5% over the past 24 hours, extending a month-to-date gain of roughly 8% but still slightly below its start-of-year level.
Tuesday’s Performance In Major US Indices
| Index | Last | % Change | MTD | YTD |
|---|---|---|---|---|
| S&P 500 | 7,840.19 | +0.85% | +2.47% | +14.53% |
| Dow Jones | 51,632.42 | +0.71% | +1.43% | +7.43% |
| Nasdaq 100 | 31,316.51 | +0.77% | +2.99% | +24.03% |
| Russell 2000 | 2,844.52 | -0.09% | +1.70% | +14.61% |
According to the Benzinga Pro platform:
- The iShares Russell 2000 ETF (NYSE:IWM) slid 0.3%.
- The Vanguard S&P 500 ETF (NYSE:VOO) gained 0.8%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.7%.
- The Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.7%.
Power Stocks Soar on Constellation’s Nuclear Deal with Alphabet
The Industrials Select Sector SPDR Fund (NYSE:XLI) led S&P 500 sectors, rising 2.1%. The Technology Select Sector SPDR Fund (NYSE:XLK) gained 1.7%, and the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) added 1.2%.
The Utilities Select Sector SPDR Fund (NYSE:XLU) rose 1.0% and the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) gained 0.9%.
Among industry funds, the First Trust Dow Jones Internet Index Fund (NASDAQ:FDN) climbed 2.6%, the VanEck Semiconductor ETF (NASDAQ:SMH) rose 2.0% and the iShares U.S. Home Construction ETF (BATS:ITB) gained 1.7%.
On the downside, the iShares Biotechnology ETF (NASDAQ:IBB) tumbled 3.4% and the VanEck Oil Services ETF (NYSE:OIH) fell 3.0%.
Power Producers Dominate Russell 1000 Leaderboard
Constellation Energy Corp. (NASDAQ:CEG) surged 13.9% after announcing a 20-year agreement with Google to supply 890 megawatts of nuclear capacity to the PJM grid.
Talen Energy Corp. (NASDAQ:TLN) jumped 13.7% and Vistra Corp. (NYSE:VST) gained 11.3% in sympathy.
Corteva Inc. (NYSE:CTVA) rallied 12.3% after JPMorgan upgraded the stock to Overweight from Neutral with a $19 price target.
The shares also benefited from index-fund buying tied to the company’s move into the S&P MidCap 400, following its Oct. 1 separation of the Vylor seed business.
Lamb Weston Holdings Inc. (NYSE:LW) gained 11.7% after reporting fiscal first-quarter earnings of 75 cents per share, ahead of the 59-cent consensus, on net sales of $1.67 billion versus $1.65 billion expected.
The frozen-potato maker raised its fiscal 2027 adjusted EPS outlook to $3.05 to $3.35, above the $3.01 analyst estimate.
On the Downside
Tempus AI Inc. (NASDAQ:TEM) fell 10.6%, UWM Holdings Corp. (NYSE:UWMC) dropped 7.4%, Guardant Health Inc. (NASDAQ:GH) slid 7.3% and Caris Life Sciences Inc. (NASDAQ:CAI) declined 7.0%, as biotech funds broadly retreated.
Western Digital Corp. (NASDAQ:WDC) lost 6.5% as reports that Toshiba plans to double its hard-disk drive output weighed on storage stocks, with Seagate Technology Inc. (NASDAQ:STX) also sharply lower.
Tuesday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Constellation Energy Corporation | +13.87% |
| Talen Energy Corporation | +13.72% |
| Corteva, Inc. | +12.31% |
| Lamb Weston Holdings, Inc. | +11.65% |
| Vistra Corp. | +11.30% |
Tuesday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| Tempus AI, Inc. | -10.61% |
| UWM Holdings Corporation | -7.36% |
| Guardant Health, Inc. | -7.31% |
| Caris Life Sciences, Inc. | -6.95% |
| Western Digital Corporation | -6.52% |
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