Nasdaq Composite Index scores second consecutive record high.
U.S. stocks traded mixed on Tuesday, but the Nasdaq (NYSEARCA:QQQ) managed a new all-time high as technology shares continued to outperform the broader market.
The technology-driven index gained 0.4% to close at 7,637.86. It was the Nasdaq’s second consecutive record close.
The broader S&P 500 Index (NYSEARCA:SPY) edged up 0.1% to 2,748.79, with five of 11 primary sectors finishing higher. Information technology, materials and consumer discretionary shares led the market higher.
Dow industrials (NYSEARCA:DIA) pared losses by the end of trading, finishing down 0.1% at 24,799.98.
A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) fell to fresh multi-week lows on Tuesday, as the overall mood on Wall Street remained positive. The so-called “fear index” settled down more than 2% at 12.45.
On the data front, the U.S. services sector outperformed last month, underscoring the health of the domestic recovery during the second quarter.
The Institute for Supply Management’s non-manufacturing purchasing managers’ index (PMI) rose 1.8 points to 58.6 versus forecasts of 57.5. A PMI reading above 50 points to expansion in economic activity.
In commodities, oil prices traded mixed in anticipation of U.S. inventory data. West Texas Intermediate (WTI) futures jumped 0.9% to $65.33 a barrel. ICE Brent futures fell 0.4% to $75.02 a barrel.
The Final Word: Technology stocks have vastly outperformed the broader markets this year. The S&P 500’s tech index has returned more than 13% year-to-date while the broader index is up around 2.7%.