US stocks finished mixed on Tuesday, with the S&P 500 ending at a record high as strength in technology stocks outweighed losses in the blue-chip Dow.
The S&P 500 rose 0.4% after touching an intraday all-time high of 6,989.24. The Nasdaq Composite gained 0.9%, powered by continued momentum in chip and megacap tech names. The Dow Jones Industrial Average fell 0.8%, pressured by sharp declines in select heavyweight constituents.
Markets are now focused on two near-term catalysts: a Federal Reserve policy decision on Wednesday and a wave of big technology earnings as the latest reporting season gets underway.
UnitedHealth (UNH) was among the largest drags on the Dow after healthcare stocks slid in response to a proposed increase to next year’s Medicare Advantage payments that came in lower than investors expected. Boeing (BA) also weighed on the index, falling despite reporting a swing back to quarterly profit.
While the Dow struggled, chip-related stocks helped push broader indexes higher, extending a recent rally that has kept tech leadership firmly in place and lifted the Nasdaq.
Markets widely expect the Federal Reserve to keep interest rates unchanged as policymakers weigh a mix of easing financial conditions, gradually cooling inflation, and signs of moderation in the labour market.
Recent data has reinforced the view that officials are unlikely to signal imminent rate cuts, with the Fed still looking for clearer evidence that inflation is moving sustainably toward its 2% target.
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