US stocks advanced on Tuesday, with the S&P 500 and Nasdaq Composite reaching fresh record highs as technology shares rallied and Treasury yields eased.
The S&P 500 gained 0.58% to a record close of 7,818.93, after reaching an intraday high of 7,844.52. The Dow Jones Industrial Average rose 253.38 points, or 0.49%, to 51,521.28, while the Nasdaq Composite added 0.45% to a record 27,599.79.
Chipmakers led the gains as investors remained optimistic about demand for artificial intelligence infrastructure. Marvell Technology jumped 5.8%, Broadcom advanced 3.7% and Advanced Micro Devices gained nearly 3%.
Bond yields eased after recently reaching their highest levels since 2002. The benchmark US 10-year Treasury yield fell three basis points to 5.281%, while the 30-year yield was little changed at around 5.655%.
Oil prices were broadly steady after earlier declines, with Brent crude rising 0.26% to US$100.58 a barrel and West Texas Intermediate edging 0.01% higher to US$89.44.
Investors now turn their attention to the minutes from the Federal Reserve’s September meeting, due Wednesday, for further insight into policymakers’ decision to raise interest rates and the outlook for further tightening.
Australian Market Outlook
Australian shares are set for a flat start, with S&P/ASX 200 futures down just 1 point at 8,764, reversing earlier gains of more than 20 points.
The subdued futures market comes despite record highs on Wall Street, where technology stocks continued to lead gains.
Locally, investors will remain focused on global bond yields, oil prices and the outlook for US interest rates, with the upcoming Fed minutes likely to influence sentiment.
