Don’t time the bubbles - S&P 500 rises to record high as oil and yields move lower
The S&P 500 rose to a fresh all-time intraday high on Tuesday, boosted by gains in key technology names as well as declines in oil prices and Treasury yields.
The broad market index was last up 0.5%, while the Dow Jones Industrial Average gained 189 points, or 0.4%. The Nasdaq Composite added 0.6% and also hit a new all-time high.
The moves higher were bolstered by a rise in chipmakers. Advanced Micro Devices gained 2%, while others such as Nvidia and Broadcomtraded up around 1%.
Additionally, the benchmark 10-year Treasurynote yield fell 5 basis points to 5.256%. The 30-year bond yield slipped more than 3 basis points to trade at 5.625%. Both yields scaled to levels not seen since 2002 on Monday.
Traders are now looking ahead to the Federal Reserve’s minutes from its September meeting due Wednesday, which could shed some light on policymakers’ move to raise rates.
Alongside Treasury yields, a drop in oil prices also gave equities a boost Tuesday. [Brent crude](https://www.cnbc.com/quotes/@LCO.1?view=story&accessToken=eyJhbGciOiJSUzI1NiIsInR5cCI6IkpXVCIsImtpZCI6ImZhMDcyZjc1Nzg0NjQyNjE1MDg3YzcxODJjMTAxMzQxZTE4ZjdhM2EifQ.eyJzdWIiOiIxMjY4MDk4OCIsImF1ZCI6WyJjbmJjIl0sImlzX3JlZ2lzdGVyZWRfdXNlciI6InRydWUiLCJzY29wZSI6InVzZXJzOnJlYWRfd3JpdGUiLCJjbGllbnQiOiIyMDQiLCJleHRlcm5hbF9pZCI6IjEyNjgwOTg4IiwiYXBwX2FjY2VzcyI6WyJGUkVFIl0sImNpZCI6IjE3OTAxNzkyMDgwNDMiLCJpYXQiOjE3OTEyOTM2ODksImV4cCI6MTc5MTI5Mzk4OSwiaXNzIjoiaHR0cHM6Ly9yZWdpc3Rlcm5nLmNuYmMuY29tL2FwaSJ9.3ByUce3wVMXs4zo3fVE78Tr-xJAM_e3-eHH0BbamzxVmDBHxNdTHCCP4kVFtNTbwIg1lf5sz8bL-yONEDwPNwM9jxKcsm6hiyDd8F-H75zL7t0W3drnKpzzUAJPPcH-AsfW1s5eVvmiv8T_pHsLhqZT2ZR8ieTCuFbt3A4NRt7671Y35u-HMXpkIqbjqsMhXJ0u9XRzP8RSZxrB9gfBriC_UY_-ybPfnAyfXnZc6xFCDZACmxVB-CQdGPSgg8nZeieZopkT4wE5A83E4iPKeEJdwH32mrBY9OInMgOLjncCTevkLCmfb85QCKY6Z8q7IMXQ2bIpPec77Dw-dLNM96A)traded 2% lower at around $98 per barrel. [West Texas Intermediate futures](https://www.cnbc.com/quotes/@CL.1?view=story&accessToken=eyJhbGciOiJSUzI1NiIsInR5cCI6IkpXVCIsImtpZCI6ImZhMDcyZjc1Nzg0NjQyNjE1MDg3YzcxODJjMTAxMzQxZTE4ZjdhM2EifQ.eyJzdWIiOiIxMjY4MDk4OCIsImF1ZCI6WyJjbmJjIl0sImlzX3JlZ2lzdGVyZWRfdXNlciI6InRydWUiLCJzY29wZSI6InVzZXJzOnJlYWRfd3JpdGUiLCJjbGllbnQiOiIyMDQiLCJleHRlcm5hbF9pZCI6IjEyNjgwOTg4IiwiYXBwX2FjY2VzcyI6WyJGUkVFIl0sImNpZCI6IjE3OTAxNzkyMDgwNDMiLCJpYXQiOjE3OTEyOTM2ODksImV4cCI6MTc5MTI5Mzk4OSwiaXNzIjoiaHR0cHM6Ly9yZWdpc3Rlcm5nLmNuYmMuY29tL2FwaSJ9.3ByUce3wVMXs4zo3fVE78Tr-xJAM_e3-eHH0BbamzxVmDBHxNdTHCCP4kVFtNTbwIg1lf5sz8bL-yONEDwPNwM9jxKcsm6hiyDd8F-H75zL7t0W3drnKpzzUAJPPcH-AsfW1s5eVvmiv8T_pHsLhqZT2ZR8ieTCuFbt3A4NRt7671Y35u-HMXpkIqbjqsMhXJ0u9XRzP8RSZxrB9gfBriC_UY_-ybPfnAyfXnZc6xFCDZACmxVB-CQdGPSgg8nZeieZopkT4wE5A83E4iPKeEJdwH32mrBY9OInMgOLjncCTevkLCmfb85QCKY6Z8q7IMXQ2bIpPec77Dw-dLNM96A) shed 2% to roughly $87 a barrel.
Stocks are coming off a winning session in which the Nasdaq Composite reached an all-time high. The tech-heavy index was set to build on that record.
