Traders work on the floor of the New York Stock Exchange (NYSE) in New York, United States, August 7, 2026.
Jeenah Moon | Reuters
THE S&P500 hit a new all-time intraday high on Tuesday, boosted by gains in major tech names as well as falling Treasury yields.
The broader market index was last up 0.7%, while the Dow Jones Industrial Average gained 277 points, or 0.5%. THE Nasdaq Composite added 0.7% and also reached a new all-time high.
The upward movements were supported by an increase in the number of chipmakers. Marvell Technology rose 6%, and Advanced microdevices gained 3% as investors became optimistic about the companies’ prospects. Others like Broadcom traded up 4%.
“Everyone thinks markets are up. AI is the sweet spot,” said Stephen Kolano, chief investment officer at Integrated Partners. Investors are “currently looking at inflationary concerns, particularly regarding oil, diesel, etc.
Oil prices roughly stabilized on Tuesday. Brent crude was trading up less than 1% at around $100 a barrel. West Texas Intermediate Futures rose less than 1% to around $89 a barrel.
Kolano also said interest rates are “basically where they need to be.” The reference Cash flow at 10 years the note yield fell more than 4 basis points to 5.262%, while the 30 year deposit the yield fell more than 3 basis points to 5.631%. Both reached levels not seen since 2002 on Monday.
“People are looking for where there might be a source of contagion that would start to spread, but at the moment everything remains well contained and is just dominated by momentum, profit growth and investment from artificial intelligence,” he added.
Traders are now eagerly awaiting minutes from the Federal Reserve’s September meeting scheduled for Wednesday, which could shed some light on policymakers’ decision to raise rates.
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