Magnificent 7 power US stocks higher
The S&P 500 booked another 0.4% gain, the Nasdaq 100 popped 0.7%, and the Russell 2000 rose 0.8% on Tuesday.
Unlike the start of the week, however, gains were more narrow, with less than 200 S&P 500 constituents rising.
Tech, communication services, and utilities led the way while energy and financials were the biggest decliners.
As you might expect in a positive market with low breadth, the Magnificent 7 performed quite well, with all constituents rising. Nvidia led the way, rebounding from back-to-back losses with a tidy 4.9% advance ahead of its quarterly earnings report.
Super Micro Computer spiked a whopping 31% after hiring a new auditor, part of a plan to allow the company to remain listed on the Nasdaq.
Walmart rose 3% after reporting this morning, posting better-than-expected profits on higher average ticket sizes. Management credited the performance to increased sales from upper-income households.
Lowe’s gave back 4.6% after earnings, with margin pressures top of mind for investors.
