TLDR
- The S&P 500 and Nasdaq hit fresh record highs as Treasury yields eased and oil prices fell.
- Nvidia rose again, pushing its valuation close to $6 trillion.
- Uber agreed to buy corporate catering platform ezCater for $2.3 billion.
- Constellation Energy jumped after signing a 3.59-gigawatt power agreement with Google.
- Brent crude fell nearly 2% to around $98.50 per barrel, easing some inflation concerns.
U.S. stocks reached new records on Tuesday. Falling oil prices and lower Treasury yields helped push markets higher.
Continued interest in artificial intelligence also supported the rally. The S&P 500 climbed to around 7,841 points.
The Nasdaq hit an all-time high as well. The Dow gained more than 350 points during the session.
All 11 S&P 500 sectors moved higher on Tuesday. Investors showed broad support across industries, not just in tech.
Nvidia Nears $6 Trillion Valuation
Nvidia remains at the center of the rally. Shares gained roughly 1% on Tuesday.
This pushed the chipmaker’s market value closer to $6 trillion. Nvidia has become a symbol of the AI spending boom.
Tech companies keep spending heavily on chips and data centers. Computing power remains in high demand across the industry.
The broader tech sector also gained on hopes for strong earnings. Analysts expect S&P 500 profits to rise more than 30% year over year in the third quarter.
AI-related demand is one of the biggest drivers behind that growth. Investors are watching closely for confirmation in upcoming earnings reports.
Uber Buys ezCater for $2.3 Billion
Uber Technologies made separate headlines on Tuesday. The company agreed to buy U.S. corporate catering platform ezCater for $2.3 billion in cash.
The deal strengthens Uber’s position in workplace food delivery. ezCater generated more than $2.5 billion in gross bookings over the past year.
The average corporate catering order through the platform exceeds $400. Uber plans to combine ezCater with Uber Eats and Uber for Business.
The company is trying to close the gap with DoorDash in U.S. food delivery. Delivery made up roughly 37% of Uber’s second-quarter revenue.
The ezCater deal gives Uber another source of growth. This comes as investors also watch how self-driving vehicles could affect Uber’s ride-hailing business over time.
Constellation Energy Jumps on Google Power Deal
Constellation Energy was one of Tuesday’s biggest stock winners. Shares surged more than 13% after a new deal with Google.
Google agreed to buy 3,590 megawatts of electricity from Constellation. It is one of the largest power deals signed in the U.S. grid market.
Around 890 megawatts will come from upgraded nuclear plants. Constellation plans to invest more than $4.3 billion to expand capacity at reactors in Illinois, Pennsylvania and New Jersey.
A separate 15-year agreement covers another 2,700 megawatts of power. The deal points to a growing theme in markets.
AI is becoming a power story as well as a chip story. Large data centers need steady supplies of electricity.
This creates demand for utilities and nuclear plant operators. Energy infrastructure firms are benefiting alongside chipmakers.
Falling Oil Helps Stocks Reach New Highs
Lower energy prices gave stocks another boost on Tuesday. Brent crude fell nearly 2% to around $98.48 per barrel.
U.S. West Texas Intermediate dropped to about $88 a barrel. Oil prices have fallen as Middle Eastern crude exports recover.
G7 countries are also preparing an emergency release of diesel and crude reserves. This has added further downward pressure on prices.
Lower oil prices matter for stocks because energy costs affect inflation. Falling crude prices can ease pressure on consumers and businesses.
They may also give the Federal Reserve more room to act on interest rates. Markets will watch future oil moves closely in the weeks ahead.
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