Stocks Surge to New Record Highs: A Look at Today’s Market Trends

The stock market saw positive movement on Tuesday, with U.S. stocks ending the trading session in the green. The S&P 500 rose by 0.25% and the Nasdaq Composite increased by 0.22%, both closing at new record highs. The Dow Jones Industrial Average also saw gains of 0.17%.

In other news, semiconductor ETFs experienced a slight dip as traders awaited Nvidia’s earnings announcement. The VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) both saw decreases, but remained higher for the week.

Small caps outperformed the broader market in May, with the Russell 2000 up 6.2% compared to the S&P 500’s 5.5% rise. However, year-to-date, the small-cap index is still lagging behind the broader market.

President Biden announced plans to release one million barrels of gasoline from reserves in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season.

Additionally, a Nvidia supplier could benefit from a strong forecast, according to Morgan Stanley. The company is the sole supplier for Nvidia’s AI GPU, making it a key player in the market.

Overall, the stock market showed resilience and positive movement, with various sectors experiencing gains and losses throughout the day. Investors continue to monitor key indicators and announcements for market trends and opportunities.