All three major U.S. indexes closed at record highs on Tuesday, as investors looked past lingering concerns about the state of the economy.
The S&P 500 rose 0.27% to 6,512.61, the Nasdaq Composite gained 0.37% to 21,879.49, and the Dow Jones added 196 points, or 0.43%, to finish at 45,711. UnitedHealth led gains on the Dow, while the Nasdaq touched a fresh intraday record before settling higher. So far this year, the S&P 500 is up nearly 11% and the Nasdaq has climbed 13%.
Labour market revisions raise questions
While markets pushed higher, concerns about economic strength resurfaced after the Bureau of Labor Statistics revised payroll growth for the year through March down by 911,000 jobs. It was the largest annual revision since records began in 2002.
Corporate movers
Chipmakers that drove the Nasdaq’s recent surge showed mixed performance. Broadcom slipped more than 2% after strong gains in prior sessions, though it remains up nearly 13% over the week. Apple fell 1.5% following the launch of new iPhones, AirPods and Watches. Oracle shares soared more than 25% in after-hours trade after reporting a jump in bookings, supported by a major deal with OpenAI.
Global and local outlook
Oil prices firmed after Israel launched an attack on Hamas political leaders in Doha, Qatar. Australian shares are set for a muted start, with ASX 200 futures down four points, or 0.1%, to 8803.
Attention now turns to fresh inflation figures from China, where August CPI is expected to slip back into deflation, weighed by falling food prices.
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