Wall Street extended its rally on Tuesday, with the S&P 500 hitting a fresh record and edging closer to the 7,000 milestone as investors digested a wave of earnings and turned their attention to the Federal Reserve’s policy meeting. The Nasdaq also advanced, supported by strength in large technology names and upbeat results from key companies.
But the Dow Jones Industrial Average moved the other way, pulled down by a sharp selloff in health insurers after a U.S. proposal for Medicare Advantage payments signaled only a modest increase. UnitedHealth, Humana and CVS were among the biggest drags, and the sector’s slump was heavy enough to offset broader market gains and keep the Dow in the red.
Elsewhere, earnings were a tailwind. Logistics bellwethers posted strong moves after results that investors often treat as a read on the wider economy, while several industrial names rose on optimistic updates. A separate tech-adjacent boost came from a major fiber-optic supply agreement linked to AI infrastructure spending, reinforcing the idea that the “buildout” trade is still alive.
Investors are now watching two near-term catalysts: the Fed’s statement and tone, and a packed schedule of mega-cap tech earnings. Traders see both as crucial for whether the S&P 500 can decisively break above 7,000 and hold it, or whether the market pauses after a strong multi-session run.