Traders work on the floor of the New York Stock Exchange.
NYSE
Dow Jones Industrial Average Old-economy stocks hit a record high on Tuesday as lower oil prices boosted old-economy stocks while chipmakers fell into trouble. nasdaq composite.
The 30-stock index was up 477 points, or 0.9%. This created a new all-time intraday highest score in the session. S&P 500 fell 0.1%, while nasdaq composite Pulled back 0.5%.
Many chip stocks suffered losses Tuesday, dragging the tech-heavy Nasdaq down. advanced precision instruments Whereas, there was a decline of more than 4% broadcom And micron technology Each fell by more than 3%. NVIDIA There was a loss of more than 1%.
Elsewhere, oil prices continued to fall compared to the previous trading day. brent crude futures It fell 5% to below $80 a barrel for the first time since March. We West Texas Intermediate Futures Falling 5% to around $75 a barrel.
As oil fell further, shares of Kamla Whereas, industrialists were given higher leadership JPMorgan Chase The move was headed higher among banks as investors bet that lower energy prices will get the U.S. economy booming again. Caterpillar was up more than 2%, while JPMorgan advanced more than 3%.
spacex It also remains a standout with its 10% pop, a move that has added to its sharp gains since going public last week. With its gains, SpaceX overtook both Microsoft and Amazon in market cap at one point during the session. The company priced its initial public offering at $135. Last time it was traded around $212.
The major averages have been building on a winning session since Monday, which followed President Donald Trump’s announcement that the US and Iran reached a deal to end the war in the Middle East. Pakistani Prime Minister Shehbaz Sharif said both sides have announced the cessation of their military operations on all fronts with the official signing ceremony taking place in Switzerland this Friday.
Trump also said the key passage through the Strait of Hormuz would reopen on Friday, sending oil prices down about 5% on Monday. He later clarified on Tuesday that the strait will remain toll-free even after the initial 60-day period.
“We are not out of the woods yet,” said Andy Goldberg, chief investment strategist at Nomura Asset Management International.
“If suddenly oil prices go down sharply, the headline inflation numbers will go down, but at the same time, it will put a lot of money back in the pockets of consumers at a time when they are feeling quite good, and that way you could get some more inflation,” he said. “Warsh has a balancing act on his hands.”