A jump in Tesla shares helped lift the Nasdaq and S&P 500 to fresh records Tuesday in an otherwise quiet session.
Tesla’s stock surged after the EV-maker reported deliveries for the second quarter that didn’t fall as much as Wall Street expected.
Meanwhile, the waiting game on rate cuts continued. Federal Reserve Chair Jerome Powell said Tuesday that inflation had resumed its downward shift, but declined to say whether he was setting the table for a September rate cut.
Treasury yields stabilized, after climbing sharply in recent days on bets that a Republican sweep of the White House and Congress could lead to more fiscal stimulus.
Read the day’s full markets roundup here.
As of late Tuesday:
Stock indexes turned higher, after wavering for much of the morning. The Nasdaq rose 0.8% to log its 22nd record close of the year, while the S&P 500 notched its 32nd with a 0.6% gain. The Dow industrials rose 0.4%.
The 10-year Treasury yield inched lower to settle at 4.435%, but was still up sharply from before Thursday’s Biden-Trump debate.
Tesla stock jumped 10% to close at its highest level since January.
Oil edged lower, snapping a four-session streak of gains, amid concerns that Hurricane Beryl, which strengthened to a Category 5 storm, could usher in a damaging hurricane season.
In Asia, Japan’s Nikkei 225 rose. The index was 2% off its record close and has climbed for nine of the last 11 sessions.
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