Highlights
Major stock averages were mixed Tuesday with select value/cyclicals and megacaps rising and with offsetting losses in the AI momentum trade. The Dow Jones industrial average rose 1.0 percent while the S&P 500 firmed 0.2 percent and the Nasdaq was down 0.2 percent. Bond yields and oil prices declined while the dollar was mixed but mostly lower versus major currencies.
Many investors continued rotating out of the AI trade that lifted Nvidia and other chipmakers so far this year into unloved Dow stocks like Coca-Cola, IBM, and Sherwin Williams as the Dow outperformed. The market also drew support from lower oil prices and lower bond yields in response to the impromptu ongoing ceasefire in the US-Iran war.
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