S&P 500 hits fresh record high, Nasdaq retreats

US stocks ended in the positive territory on Tuesday, as investors continued to track corporate earnings, although weak performance in the semiconductor sector weighed negatively on the Nasdaq Composite Index.

By the end of Tuesday’s session, the Dow Jones Industrial Average rose by 0.40%, or 179 points, reaching 44,502 points.

The broader S&P 500 index posted a modest gain of four points, closing at 6,309 points, marking its seventh consecutive session of gains and a new record high.

Meanwhile, the Nasdaq Composite fell by 0.39%, or 81 points, to 20,892 points, after hitting a record close in the previous session.

The drop came under pressure from declines in shares of Nvidia, Broadcom, and TSMC, which slid by 2.55%, 3.34%, and 1.78%, respectively. The pullback followed reports that the Stargate project—a joint venture between SoftBank and OpenAI—is facing challenges, prompting both parties to abandon their short-term plans.

The Stoxx Europe 600 fell by 0.4% to 544 points, extending its losing streak to a third straight session.

Germany’s DAX dropped 1.10% to 24,041 points, while France’s CAC 40 declined 0.70% to 7,744 points. Meanwhile, the UK’s FTSE 100 edged up by 0.10% to 9,023 points.

Japan’s Nikkei 225 dipped slightly by 0.10% to 39,774 points, while the broader Topix index remained flat at 2,836 points.

Brent crude futures for September delivery fell by 0.90%, or 62 cents, to $68.59 per barrel at the close of trading.

US West Texas Intermediate (WTI) crude futures for August delivery, which expired today, dropped by 1.47%, or 99 cents, to $66.21 per barrel.

Gold futures for August delivery rose by 1.10%, or $37.60, to $3,444 per ounce at settlement.

Investors are closely monitoring the Q2 earnings season amid caution over the volatile trade landscape. US President Donald Trump announced a deal with the Philippines to set tariffs on its goods at 19%, in exchange for exempting the US from any Philippine tariffs.

Meanwhile, ongoing negotiations between the US and the European Union (EU) have yet to yield any breakthrough, even as a 30% tariff on EU countries is set to take effect on Aug. 1.