Tech Gains Propel S&P 500 and Nasdaq to Record Highs Amid Economic Uncertainty
The S&P 500 and Nasdaq reached record highs, driven by technology stocks, despite the Dow's losses due to underperforming UnitedHealth, IBM, and Honeywell stocks. The market reacted to various geopolitical and economic developments, including a DOJ probe into UnitedHealth and Trump's tariff agreements, while closely monitoring inflation and interest rates.
The stock markets experienced mixed outcomes as the S&P 500 and Nasdaq attained record highs, fueled by strong performance in technology stocks like Alphabet, which raised its capital spending forecast. However, the Dow faced setbacks due to significant declines in UnitedHealth, IBM, and Honeywell stocks.
UnitedHealth shares dropped after announcing cooperation with a Department of Justice investigation into its Medicare practices. Meanwhile, IBM's stock plummeted by 8% after lackluster sales in its core software division. Honeywell faced a dip despite exceeding Wall Street expectations.
Global trade developments also influenced market dynamics, with new tariff agreements between the U.S., Japan, and potential EU tariffs on imports. Additionally, the market is on edge over impending interest rate decisions following President Trump's surprise visit to the Federal Reserve.
(With inputs from agencies.)
Google News