(Sharecast News) - US stock markets finished mixed on Tuesday, with the Dow surging to a new record but the S&P 500 and Nasdaq trading within a narrow range after strong gains the previous day.
The Dow jumped 1.2% to a new closing high of 47,927.96, topping a previous peak of 47,706.37 reached on 28 October.
However, the S&P 500 gained just 0.2% and the Nasdaq slipped 0.3%, finishing in a more subdued fashion after surging 1.5% and 2.3% on Monday, respectively.
"There has been a lack of momentum in stock markets in the past week, and momentum stocks, mostly big tech stocks, have acted as a drag on the main US indices, even if they did pop higher on Monday," said Kathleen Brooks, research director at XTB.
"Without momentum helping US indices move higher, volatility could take hold, so we are not expecting stocks to move in a straight line for now, and the market correction may not be over."
Market sentiment received a boost at the weekend after the Senate took a vote on a deal to end the shutdown, with Republicans marginally clearing the minimum threshold required with the support of eight votes from Democrat defectors.
Late on Monday, the Senate then passed the spending bill, which will fund the government until the end of January. The package now moves to the GOP-controlled House of Representatives for a final vote, before Donald Trump is expected to sign it into effect - which could see public-sector workers return to their roles as early as Friday.
However, as the governmental data blackout continues, a report out on Tuesday from ADP showed the private sector shed an average of 11,250 jobs per week in the four weeks to 25 October.
ADP said the data suggests that "the labour market struggled to produce jobs consistently during the second half of the month". The most recent monthly report from ADP, out last week, had estimated that the private sector added 42,000 jobs in October.
Meanwhile, the latest figures from NFIB showed that small business confidence deteriorated in October. The NFB optimism index slipped 0.6 points to 98.2, marginally below the consensus forecast of 98.3.
NFIB chief economist Bill Dunkelberg said business owners had reported lower sales and reduced profits, adding: "Many firms are still navigating a labour shortage and want to hire but are having difficulty doing so, with labour quality being the top issue for Main Street."
Market movers
Shares in Paramount Skydance sparked 10% higher on Tuesday, after the US entertainment firm forecast annual revenues of $30bn by 2026 on the back of strong demand for its streaming services. Posting third-quarter results - the first since the company's $8.4bn merger completed in August - Paramount Skydance said growth would be driven by a "healthy acceleration" in direct-to-consumer revenues.
Nvidia-backed CoreWeave tumbled 16% after reporting better-than-expected third-quarter revenue growth but issuing disappointing guidance for the coming quarter.
Nvidia, which jumped nearly 6% on Monday, finished 3% lower after Japan's SoftBank sold a stake in the chip designer for $5.83bn. Others in the chip sector, such as giants Broadcom and AMD also closed the session firmly in the red.
Elsewhere, the Magnificent Seven peers put in a mixed performance, with Alphabet, Amazon, Apple and Microsoft finishing with small gains but Tesla and Meta Platforms closing lower.
Dow Jones - Risers
Merck & Co. Inc. (MRK) $90.89 4.84%
Nike Inc. (NKE) $63.13 3.87%
Johnson & Johnson (JNJ) $193.36 2.88%
McDonald's Corp. (MCD) $306.77 2.58%
Walt Disney Co. (DIS) $114.56 2.33%
Apple Inc. (AAPL) $275.25 2.16%
Verizon Communications Inc. (VZ) $40.71 2.13%
Procter & Gamble Co. (PG) $148.35 2.09%
Unitedhealth Group Inc. (UNH) $326.72 1.83%
Goldman Sachs Group Inc. (GS) $810.91 1.64%
Dow Jones - Fallers
Intel Corp. (INTC) $37.88 -1.48%
Caterpillar Inc. (CAT) $567.56 -0.51%
JP Morgan Chase & Co. (JPM) $316.09 -0.40%
Amgen Inc. (AMGN) $323.66 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Cisco Systems Inc. (CSCO) $72.09 0.00%
Microsoft Corp. (MSFT) $504.34 0.00%
Boeing Co. (BA) $195.55 0.21%
Chevron Corp. (CVX) $156.16 0.38%
S&P 500 - Risers
Advance Auto Parts (AAP) $50.83 7.38%
Robert Half Inc. (RHI) $27.80 7.04%
Apartment Investment & Management Co. (AIV) $5.71 6.13%
FedEx Corp. (FDX) $269.21 5.45%
Merck & Co. Inc. (MRK) $90.89 4.84%
Pfizer Inc. (PFE) $25.43 4.59%
Align Technology Inc. (ALGN) $144.53 4.56%
Becton, Dickinson & Company (BDX) $188.13 4.06%
International Flavors & Fragrances Inc. (IFF) $65.07 4.03%
Akamai Technologies Inc. (AKAM) $90.61 4.01%
S&P 500 - Fallers
CenturyLink Inc. (LUMN) $9.33 -11.82%
Micron Technology Inc. (MU) $241.11 -4.81%
Lam Research Corp. (LRCX) $159.18 -4.32%
Hewlett Packard Enterprise (HPE) $22.92 -4.15%
Tapestry Inc. (TPR) $102.59 -3.81%
Eaton Corporation plc (ETN) $368.53 -3.07%
Applied Materials Inc. (AMAT) $228.67 -2.73%
Western Digital Corp. (WDC) $169.99 -2.43%
NRG Energy Inc. (NRG) $162.43 -2.33%
KLA-Tencor Corp. (KLAC) $1,190.90 -2.22%
Nasdaq 100 - Risers
Vodafone Group Plc ADS (VOD) $12.67 8.29%
Align Technology Inc. (ALGN) $144.53 4.56%
Biomarin Pharmaceutical Inc. (BMRN) $54.93 4.29%
Gilead Sciences Inc. (GILD) $122.56 3.73%
Regeneron Pharmaceuticals Inc. (REGN) $674.55 3.03%
Gen Digital Inc. (GEN) $27.14 3.00%
T-Mobile Us, Inc. (TMUS) $211.98 2.97%
Monster Beverage Corp (MNST) $71.91 2.68%
eBay Inc. (EBAY) $87.26 2.44%
Apple Inc. (AAPL) $275.25 2.16%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $241.11 -4.81%
Lam Research Corp. (LRCX) $159.18 -4.32%
Applied Materials Inc. (AMAT) $228.67 -2.73%
Qvc Group Inc Series A (QVCGA) $6.28 -2.64%
Western Digital Corp. (WDC) $169.99 -2.43%
KLA-Tencor Corp. (KLAC) $1,190.90 -2.22%
Wynn Resorts Ltd. (WYNN) $126.07 -2.18%
Seagate Technology Plc (STX) $288.00 -2.04%
Asml Holdings N.V. (ASML) $1,022.42 -1.58%
Intel Corp. (INTC) $37.88 -1.48%
112.45 (1.15%)
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