Fresh record highs were reached on Wall Street on Tuesday, with the S&P 500 and Nasdaq hitting all-time highs. The Dow Jones Industrial Average also saw gains, closing at 39,872.99, up 0.17%. The positive momentum in the markets was driven by investor confidence in potential central bank interest rate cuts and strong corporate earnings.
In the commodity markets, wheat futures posted mixed closes, with Minneapolis futures mostly lower and winter wheat mostly building on Monday’s rally. Concerns about frost damage to Russia’s crop and lower export projections fueled the advances in Kansas City and Chicago. Soybean futures slipped lower, while corn futures were under pressure from a quick planting pace despite US Corn Belt showers.
US crude oil prices pulled back 1% on Tuesday as lingering inflation threatened to keep interest rates higher for longer, potentially impacting consumer demand at US gas pumps. Retail gasoline prices fell for the fourth consecutive week to $3.58 per gallon.
US gold prices pulled lower from Monday’s all-time high but remained at the $2,400-per-oz level on mixed ideas for the Federal Reserve’s interest rate path and safe-haven interest. The US dollar index edged higher against the euro but was flat against most other currencies.
Overall, the markets continue to show strength and resilience, with investors closely monitoring economic indicators and central bank policies for further guidance on future market movements.