US Stocks Trade Mixed as Nasdaq Tests Record
US stock indices were mixed on Tuesday as the rebound in Treasury yields offset the extended rally for AI companies. The S&P 500 and the Dow swung lower, while the tech-heavy Nasdaq 100 rose 0.5% to a record high. Borrowing costs rebounded in afternoon traded as US President Trump delivered escalatory remarks against Iran in his UN speech, and dimmed hopes of a diplomatic effort to restore fuel exports from the Middle East. Credit-sensitive banks led the losses, with JPMorgan, Wells Fargo, and Morgan Stanley dropping 4% each. In turn, another strong session on the AI trade lifted software developers and AI infrastructure companies. The latest catalyst was the strong reception for Meta's Muse AI agent. Meta shares were 13% higher in the last two sessions, while Micron gained 3%. On top of that, Sandisk rose on an upgrade from Rosenblatt.
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US stock indices were mixed on Tuesday as the rebound in Treasury yields offset the extended rally for AI companies. 5% to a record high. Borrowing costs rebounded in afternoon traded as US President Trump delivered escalatory remarks against Iran in his UN speech, and dimmed hopes of a diplomatic effort to restore fuel exports from the Middle East. Credit-sensitive banks led the losses, with JPMorgan, Wells Fargo, and Morgan Stanley dropping 4% each.
In turn, another strong session on the AI trade lifted software developers and AI infrastructure companies. The latest catalyst was the strong reception for Meta's Muse AI agent. Meta shares were 13% higher in the last two sessions, while Micron gained 3%. On top of that, Sandisk rose on an upgrade from Rosenblatt.