U.S. Stocks Near Record Levels as Big Tech and Food Companies Lead the Way
NEW YORK (AP) — U.S. stocks are ticking higher Tuesday, near their record levels. The S&P 500 was up 0.3% in morning trading, coming off a listless performance where it edged a bit further from its all-time high set last week. The Dow Jones Industrial Average was up 38 points, or 0.1%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
Much of the heavy lifting for the market was courtesy of Big Tech stocks. A 5.7% rise for Tesla, 0.4% climb for Microsoft, and 1% gain for Meta Platforms were three of the strongest forces pushing the S&P 500 upward.
But several smaller companies were making some of the splashiest moves. Krispy Kreme jumped 20.5%, after it announced a deal where McDonald’s restaurants will sell its doughnuts across the country. Another food company, McCormick, was also helping to lead the market and climbed 9.2%.
Trump Media & Technology Group was another big mover, soaring 43.1%. It’s the first day of trading for the company under its new ticker, “DJT,” which are the initials of former President Donald Trump. The stock’s price has shot well beyond what several experts say is reasonable, driven by excitement about Trump’s latest run for the White House.
The overall U.S. stock market is also facing criticism that it’s become too expensive, though not as much as Trump Media & Technology Group has received. The S&P 500 has already roared nearly 10% higher this year and is on track to close out its fifth straight winning month.
In the bond market, Treasury yields were holding relatively steady following mixed reports on the economy. In stock markets abroad, indexes were mostly modestly higher across Europe and Asia.
Overall, the market is showing signs of strength, with Big Tech and food companies leading the way. Investors will be watching closely for any developments that could impact the market’s upward trajectory.
