The final results of the session indicate that the Dow Jones Industrial Average index rose by 0.40%, in contrast to the tech-heavy Nasdaq, which declined by 0.39%. Meanwhile, the broad S&P500 gained 0.06%, enough to surpass the record set the previous day and close at 6,309.62 points.
On Tuesday, “we witnessed a move away from some of the winning stocks” in recent weeks, “such as major tech stocks, in favor of smaller stocks,” described Steve Sosnick of Interactive Brokers.
The analyst highlighted the strong performance of the Russell 2000 index, which includes 2,000 smaller companies, advancing by 0.79%.
Questioned by the AFP, Art Hogan of B. Riley Wealth Management noted “some profit-taking before the first publishing of the ‘Seven Magnificent’,” a term used on Wall Street for the group of tech conglomerates.
Alphabet, which controls Google, and Tesla are expected to present their quarterly performance figures on Wednesday after the market closes.
This week is set to be filled with corporate information, as more than one hundred companies from the S&P500 are anticipated to release their numbers.
“It’s a difficult earnings season, where expectations are low, but stock valuations are already very high,” with the stock exchange accumulating records since late June, stated Art Hogan.
Investors are also cautiously monitoring developments in international trade as the August 1 deadline approaches, set by Donald Trump for U.S. partners to reach an agreement or face significant increases in tariffs applied to their exports to the U.S. market.
So far, only four agreements have been announced by Washington, the latest with the Philippines, along with a reduction in tension with China.
