US Markets
Update: Dow Hits Fresh High as Wall Street Posts Solid Quarterly Gains
(Updates with market moves at the end of the day.)The Dow Jones Industrial Average hit an new all-time high on Tuesday, with major technology stocks advancing, as Wall Street closed out a winning quarter.The Dow rose 0.3% to 52,319.2, logging record closing highs for two consecutive days. The Nasdaq Composite jumped 1.5% to 26,213.7, while the S&P 500 climbed 0.8% to 7,499.36.The Dow posted a quarterly gain of nearly 13%, while the Nasdaq and the S&P 500 advanced 21% and 15%, respectively, on the quarter.The S&P 500 and the Nasdaq notched their best quarter in six years, while the Dow posted its strongest quarterly gain since the fourth quarter of 2022, CNBC reported. The Dow notched its best first-half performance since 2021, CNBC reported.Among sectors, tech paced the gainers Tuesday with a 2.6% jump, while real estate saw the steepest decline.Within tech, chip-related stocks led gains, with Sandisk (SNDK) up nearly 11%, the best performer on the S&P 500. Advanced Micro Devices (AMD), Marvell Technology (MRVL), On Semiconductor (ON) and Intel (INTC) were also notable gainers on the index.Apple (AAPL), Nvidia (NVDA) and Microsoft (MSFT) were among the biggest gainers on the Dow.AeroVironment (AVAV) shares jumped nearly 19% as the drone maker late Monday reported stronger-than-expected fiscal fourth-quarter results and issued an upbeat full-year revenue outlook at the midpoint.Shares of Citigroup (C), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) fell following rating downgrades from Oppenheimer.West Texas Intermediate crude oil was down 0.9% at $70.11 a barrel in Tuesday late-afternoon trade, while Brent slipped 0.3% to $72.92.WTI and Brent were headed for a decline of about 20% for the month of June as oil prices sold off after the US and Iran agreed to a memorandum of understanding to end their war. In May, crude prices tumbled about 17%."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic," Saxo Bank said in a report Tuesday.US special envoys Steve Witkoff and Jared Kushner, who are in Doha, will meet Qatari mediators, not Iranian officials, CNN reported, citing Qatar's Foreign Ministry.US Treasury yields were higher, with the 10-year rate up six basis points at 4.44% and the two-year rate rising 3.9 basis point to 4.15%.In economic news, US consumer confidence edged higher in June as falling oil prices amid an extended US-Iran ceasefire eased inflation fears, the Conference Board said.US job openings were little changed in May as hiring fell and separations rose, according to official data that Oxford Economics said likely overstates labor market strength.Gold was last down 0.1% at $4,036.30 per troy ounce, while silver climbed 2.1% to $59.88 per ounce.
Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AVAV$BAC$C$GS$INTC$MRVL$MS$MSFT$NVDA$ON$SNDK
