The S&P 500 rose 0.6% on Tuesday and the Nasdaq climbed 1.2% to new record highs, while the Dow Jones closed 118 points lower, as investors returned from the long weekend still focused on developments in the Middle East. Markets remained cautiously optimistic that the US and Iran could ultimately reach an agreement, with traders viewing the two sides as closer than ever to a deal despite mixed signals and continued strikes.
Technology, industrials, and materials led the advance, while energy and consumer staples recorded the sharpest declines. Among notable movers, Micron Technology jumped 19.3%, lifting its market capitalization above $1 trillion for the first time after UBS raised its price target and suggested the stock could more than double. Alphabet gained 1.4%, Broadcom added 1.9%, and Tesla rose 1.8%. On the downside, Nvidia edged 0.2% lower, while Microsoft and Amazon slipped 0.6% and 0.4%, respectively. Exxon Mobil fell 3.3%, and Walmart declined 1.4%.
