S&P, NASDAQ Reach New Highs

The S&P 500 and the NASDAQ Composite rose to fresh closing records on Tuesday, led upward by Apple as the iPhone maker surged to an all-time high.

The Dow Jones Industrials lost 120.66 points by day’s end to 38,747.42.

The S&P 500 index regained 14.53 points to 5,375.32.

The NASDAQ surged 151.02 points to 17,343.55.

On Tuesday, investors appeared to be taking profits in artificial intelligence star Nvidia and rotating into emerging AI play Apple, which just unveiled new features that could spark a wave of iPhone upgrades, analysts said. The iPhone maker hit a record during the session — its first since last December — jumping nearly 7.3%. Nvidia lost about 0.7%.

Shares of Paramount fell sharply in late afternoon trading after the proposed acquisition by Skydance appeared to fall apart.
National Amusements, the company run by Shari Redstone that is effectively the controlling shareholder of Paramount, failed to reach a deal with Skydance for the entertainment company and has stopped discussions on the matter.

The Fed meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.

Before the Fed decision on Wednesday, investors will closely follow the consumer price index reading for May.

Shares of Affirm rose more than 5% following the announcement that its buy now, pay later loans will be incorporated into Apple Pay on iPhones and iPads for U.S. users. Affirm said in a filing that the buy now, pay later option is expected to hit those devices later this year.

Prices for the 10-year Treasury strengthened, lowering yields to 4.40% from Monday’s 4.47%. Treasury prices and yields move in opposite directions.

Oil prices regained 19 cents to $77.93 U.S. a barrel.

Gold prices progressed $5.30 to $2,332.30

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