NEW YORK (AP) — U.S. stocks are drifting around their records in a quiet start to Tuesday’s trading on Wall Street.
The S&P 500 rose 0.2%, coming off its latest all-time high and a seven-day winning streak. The Dow Jones Industrial Average was up 130 points, or 0.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.2% higher.
The bond market and stock indexes overseas were also making relatively modest moves. Markets are taking a pause following a rush higher for most kinds of investments on traders’ hopes that the economy will remain resilient and that the Federal Reserve will continue to cut interest rates.
With the U.S. government stuck in another shutdown, several high-profile economic reports have been delayed, such as last week’s monthly update on the job market. Without such market-moving reports to change the tide, some strategists say Wall Street’s upward trend could stay intact for a while.
Constellation Brands climbed 5.6% after the beer and wine company reported results for the latest quarter that several analysts said were better than they expected. Sales of beer still dropped from a year earlier, though, as CEO Bill Newlands highlighted a “challenging socioeconomic environment that has dampened consumer demand.”
IBM rose 3% after announcing a partnership that will integrate Anthropic’s Claude AI chatbot into some of IBM’s software products.
A frenzy around artificial-intelligence technology is one of the main reasons Wall Street has been hitting record after record, though that’s also raising worries that prices have potentially shot too high. A day earlier, Advanced Micro Devices soared after announcing a deal where OpenAI will use its chips to power AI infrastructure. AMD rose another 6.6% Tuesday.
Intercontinental Exchange, the company behind the New York Stock Exchange, added 0.8% after saying it had agreed to invest up to $2 billion in Polymarket. Polymarket offers prediction markets that allow customers to profit from making predictions on events across politics, markets and popular culture, such as who will become New York City’s next mayor or whether the U.S. government will announce that aliens exist this year.
In Europe, France’s CAC 40 edged up by 0.2% a day after slumping due to the latest political upheaval in Paris. France’s prime minister abruptly resigned on Monday.
Political uncertainty around the world has helped send the price of gold higher, and it topped $4,000 per ounce to set another record on Tuesday. Worries about potentially higher inflation in the future have also pushed up gold’s price, as governments around the world continue to build their mountains of debt higher.
In the bond market, the yield on the 10-year Treasury eased to 4.15% from 4.18% late Monday.
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AP Business Writers Yuri Kageyama and Matt Ott contributed.