The S&P 500 closed above 6,000 for the first time ever, inching 0.1% higher on the day.
The Nasdaq 100 was modestly lower, while the Russell 2000 jumped 1.5%.
Among US sector ETFs, consumer discretionary led the way with a 2% gain, followed by financials. Real estate, health care, and tech were the biggest laggards.
Stocks beloved by retail traders — like Tesla, the third-biggest gainer in the S&P 500 — did extremely well. A Goldman Sachs basket of the most popular stocks on the WallStreetBets subreddit gained 4.8%, its biggest daily outperformance of the S&P 500 since May, when the GameStop meme mania returned.
After a booming first month in which it sold 5.82 million Switch 2s, Nintendo on Tuesday reported that it has now sold 10.36 million units of the handhelds through September.
That’s well ahead of the original Switch’s pace at the same period in its lifetime — the first Switch model sold 4.7 million units through its first four months, though it went on to become the company’s all-time console sales leader.
Nintendo appears to be growing more confident in the Switch 2, despite US tariffs. Last month, the company boosted its annual production target to 25 million units by the end of March 2026, according to reporting by Bloomberg.
The new data came as the Japanese gaming giant reported its first-half earnings on Tuesday. Nintendo posted ~$3.6 billion in sales for the three months ending September, topping the $3.04 billion expected by analysts polled by Bloomberg.
The company also hiked its full-year guidance to a revenue of ~$14.6 billion, as well as its expectations for Switch 2 sales. The company now anticipates selling 19 million units compared with 15 million units projected previously. Despite the news, Nintendo’s US-traded ADRs were relatively flat in after hours trading on Monday, suggesting elevated expectations into the print.
In economics, the most famous of the genre was developed by Fleming and Mundell, which posits that you can only successfully achieve two of the following three objectives: the free flow of capital, a fixed exchange rate, and independent sovereign monetary policy.
George Pollack, senior US policy analyst at Signum Global Advisors, proposed a trilemma of his own to describe the Trump administration’s competing policy aims as a red-hot AI boom devours power and leaves households miffed by rising electricity bills.
He wrote:
“This note flags what we believe to be a simple reality whose salience will continue growing in US politics in coming months: the Trump administration, in its remaining three years will face a trilemma as the nation waits for its energy bet to play out — proving able to achieve two, but not all three, of the following objectives:
-Fulfill AI’s energy-appetite. -Keep repressing renewable sources of energy. -Appease American electricity consumers.”
As for evidence that the Trump administration is taking a fossil fuels-first approach while stunting renewables, Pollack pointed to the One Big Beautiful Bill Act, which shrinks access to tax credits for green energy, as well as the end to the federal pause on liquefied natural gas export permits. However, it would be “inaccurate and unfair” to blame President Trump’s policies for surging electricity prices in recent months, he added.
While the government has pursued the expansion of nuclear power as a way to solve this trilemma, the long lead times involved are incongruent with a short-term fix.
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