Utilities and Basic Materials Propel S&P 500 to New Record Highs
A catch-up rally in Utilities and Basic Materials - the best performing sectors in the S&P 500 - helped the benchmark index to new record highs on Tuesday, though Energy and Technology were also bid amid the ongoing inflows seeking to benefit from Middle East tension and the powerful AI capex cycle. Communication Equipment names and Semiconductors traded especially strongly within Tech, though Infrastructure and Application Software underperformed as Microsoftpared its gains after three strong sessions. HP Enterpriseand Coherentwere the best performing stocks in the S&P 500 while Intuitand Trade Deskwere the biggest losers with a 9% decline.In the opening hour of the evening session, S&P e-minis and Nasdaq 100 contracts are down about a decimal. In commodities, WTI Crude Oil remains bid with a 1% advance while Copper is consolidating two strong sessions of gains.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Sportsman's Warehouseup 13%GameStopup 9%Ulta Beautyup 0.2%ALSO HIGHER -Shopifyup 1.5% after $3B buybackDOWN AFTER EARNINGS -Yextdown 17%GitLabdown 5%PetMed Expressdown 2.4%Palo Alto Networksdown 1.4%.ALSO LOWER -TETRA Technologiesdown 11% after equity offering
