The S&P 500 and Nasdaq Composite hit record highs on Tuesday, capping a session where technology stocks led the market higher. The S&P 500 closed 0.58% higher, while the Dow Jones Industrial Average gained 0.49% and the Nasdaq Composite rose 0.45%. U.S. stock futures were mixed in the overnight session, with Dow futures down 0.08%, Nasdaq-100 futures down 0.14%, and S&P 500 futures up 0.03% as of 10:16 p.m. EDT.
Chipmakers drove the Tuesday rally, with Nvidia Corp. closing at a record high. Marvell Technology Inc. jumped nearly 6% after announcing a higher long-term revenue target at its Investor Day. Advanced Micro Devices Inc. rose nearly 3% following a price target increase to $800 from Citi, which maintained a Buy rating on the shares. Broadcom Inc. also gained more than 3%. The Kobeissi Letter noted on X that Nvidia now accounts for 5.21% of the MSCI All Country World Index, a weight larger than that of Japan, which stands at 5.16%.
In the energy sector, Alphabet Inc. and Constellation Energy agreed to a 20-year deal to add 890 megawatts of nuclear capacity to the PJM grid. The agreement is backed by $4.3 billion in new investment and pushed nuclear stocks higher. Jan van Eck, CEO of Van Eek Funds, told CNBC that the nuclear trade may have seen its bottom with the Constellation deal.
U.S. long-dated Treasury yields slid from multi-decade highs on Tuesday. The 10-year U.S. Treasury yield traded at 5.307%, while the 30-year yield was at 5.681%. President Donald Trump told reporters that the U.S. is doing "extremely well" in its conflict with Iran, claiming Iran’s military has been severely weakened and hinting at a soon-to-come decision on ending the conflict.
Oil prices remained elevated, with Brent crude futures expiring in December trading at $101.54 per barrel and WTI crude futures expiring in November at $90.35 per barrel.
SpaceX shares fell about 2% overnight after reports that the company is seeking $40 billion in financing to fund Nvidia chip purchases for its AI buildout. The financing plan includes $10 billion in bank loans and $30 billion in investment-grade debt.
Netlist Inc. shares soared nearly 18% after the company announced Micron Technology agreed to pay $600 million to license its patents, ending their court dispute.
Penguin Solutions Inc. surged more than 6% overnight after reporting record fiscal Q4 2026 results. Sales rose 68% year-over-year to $567 million, with AI infrastructure and integrated memory accounting for 78% of quarterly sales.
Western Digital Corp. shares plunged nearly 7% at close after Bloomberg reported that Seagate is competing with Toshiba to buy TDK’s hard-drive magnetic heads business.
Asian markets opened mixed on Wednesday, with South Korea's KOSPI and Japan’s Nikkei 225 trading lower, while China’s SSE Composite and Australian stocks were higher.