Stock Market Today - Dow Hits 46,414 as Gold Breaks $3,816 and Tech Retreats

Indices Hold Records While Divergence Emerges

U.S. equities were mixed on Tuesday as the S&P 500 (^GSPC) slipped 0.20% to 6,680.22 after hitting a fresh intraday record earlier, its fourth consecutive all-time high. The Nasdaq Composite (^IXIC) declined 0.36% to 22,707.36, with weakness in megacap tech names, while the Dow Jones Industrial Average (^DJI) edged up 0.07% to 46,414.26, marking yet another record. The Russell 2000 (^RUT) added 0.58% to 2,477.74, signaling renewed momentum for small caps following the Fed’s rate cut and the passage of the One Big Beautiful Bill Act, which lowered tax uncertainty and boosted corporate interest deductions.

Boeing (BA) Strengthens on Global Deals

Boeing (BA) gained nearly 2% to $216.18 as optimism grew around a landmark 500-aircraft order from China, a potential centerpiece of a U.S.–China trade agreement. Additionally, Uzbekistan Airways signed a contract for 14 787-9 Dreamliner jets valued above $8 billion, with options for eight more. The stock was further supported by public praise from President Trump, emphasizing aerospace diplomacy as a pillar of trade strategy. These developments signal the return of large overseas orders after years of sales drought, positioning BA for revenue upside as deliveries ramp.

Technology Giants Face Rotation After Rally

The so-called “Magnificent Seven” saw broad selling pressure. Nvidia (NVDA) slipped 2.16% to $179.62 after a three-day surge capped by the announcement of a $100 billion investment in OpenAI (OPAI.PVT), which analysts estimate could ultimately bring in $500 billion in revenue tied to AI compute capacity. Yet concerns linger over accounting treatment and OpenAI’s ability to fund long-term commitments. Amazon (AMZN) fell 2.27% to $222.45, Alphabet (GOOGL), Apple (AAPL), Microsoft (MSFT), and Tesla (TSLA) each eased modestly. Only Meta (META) managed a fractional gain. The pullback highlights consolidation after record runs, with Apple still buoyed by iPhone 17 demand and Wedbush’s raised price target of $310.

Oracle (ORCL) Reverses Amid TikTok Developments

Oracle (ORCL) fell 4.14% to $314.56 after Monday’s surge tied to its role in leading a consortium to manage TikTok’s U.S. operations and provide security oversight of its recommendation algorithm. Leadership reshuffling also pressured shares as long-time CEO Safra Catz stepped down in favor of co-CEOs Clay Magouyrk and Mike Sicilia, while Larry Ellison retained chairmanship. Despite Tuesday’s decline, ORCL is still up over 30% this month, fueled by optimism over AI-driven cloud growth and speculation around a $300 billion OpenAI cloud deal.

Micron (MU) and Semiconductor Focus

Attention turned to Micron Technology (MU) ahead of its earnings release, with the stock up nearly 1% intraday. Wall Street expects quarterly revenue to jump almost 40%, reflecting AI-driven demand for memory chips. Meanwhile, ASML (ASML) extended gains after Morgan Stanley lifted its target to €950 ($1,120) from €600, citing robust EUV machine demand. Still, analyst notes warned of concentration risk with TSMC (TSM) driving the bulk of orders. TSMC ADRs (TSM) advanced 3% in New York trading, supported by its role in Nvidia’s design ecosystem.

Consumer Stocks Under Pressure

AutoZone (AZO) fell 2.68% to $4,010.75 after Q4 earnings of $48.71 per share missed expectations of $50.73. Revenue at $6.24 billion was just shy of consensus, signaling margin pressure despite rising same-store sales. Weak guidance weighed heavily, reflecting slowing demand in auto parts retail. Separately, Kenvue (KVUE) recovered 3.68% to $17.59 after Monday’s 7.5% plunge tied to President Trump’s remarks linking Tylenol use to autism. The company reaffirmed its stance on safety, but headline risk continues to weigh on sentiment.

Firefly Aerospace (FLY) and Growth Stocks Volatile

Firefly Aerospace (FLY) tumbled more than 10% after wider-than-expected losses of $80.3 million, up from $58.7 million last year. Revenue dropped to $15.5 million, missing estimates of $16.8 million. Despite short-term weakness, management pointed to a $1.1 billion backlog and continued progress in spacecraft development following its Blue Ghost lander’s successful moon landing. Shares remain up 9% month-to-date, underscoring speculative investor appetite in space plays.

Gold (GC=F) and Silver (SI=F) Extend Record Runs

Commodities remain a focal point as gold futures (GC=F) hit $3,816 per ounce, marking the 37th record close of 2025 and a year-to-date gain of 44%, its best performance since 1979. ETF inflows are at a three-year high as lower rates boost demand for non-yielding assets. Silver (SI=F) surged to levels not seen since 2011, up more than 50% this year. Miners including B2Gold (BTG), Pan American Silver (PAAS), Fortuna Mining (FSM), and Kinross Gold (KGC) advanced in tandem, with the Gold Miners ETF up 0.5% intraday.

Energy and Infrastructure Beneficiaries

AI’s massive energy requirements continue to lift nuclear and utility names. Constellation Energy (CEG) climbed nearly 5%, Vistra (VST) 3.1%, Oklo (OKLO) 3.8%, and Talen Energy (TLNE) 1.5% before fading later in extended trading. Investors are pricing in a long-term surge in power demand tied to hyperscaler data centers and AI training clusters, making these utilities key infrastructure plays.

Economic Data and Fed Outlook

The Fed remains at the center of attention. Chair Jerome Powell is scheduled to speak today following last week’s first rate cut of 2025. The U.S. 10-year Treasury yield (BX:TMUBMUSD10Y) edged down to 4.127%, highlighting expectations for additional easing. However, policymakers including Raphael Bostic and Alberto Musalem warned against over-aggressive cuts, citing persistent inflation. PMI data reflected moderation: the S&P Global Manufacturing PMI came in at 52 versus 52.2 expected, while Services PMI was 53.9 against forecasts of 54.0. Both remain expansionary, but momentum slowed, and job creation decelerated in services while manufacturing saw job cuts.

Global and Policy Context

The OECD raised its 2025 U.S. growth forecast to 1.8% from 1.6%, though still down from 2024’s 2.8%. It projects global growth at 3.2% this year. Yet, looming tariffs threaten to drag activity in 2026, with U.S. growth forecast slowing further to 1.5%. Meanwhile, U.S.–China relations remain fluid, with Ambassador David Perdue signaling a Trump-Xi meeting likely in 2026, but trade progress — especially the Boeing order — offers near-term upside.

Cryptocurrencies and Alternatives

While equities and metals surged, Bitcoin (BTC-USD) held near $112,852, up 0.58% on the session but still under pressure after a $1.5 billion liquidation wave on Monday erased leveraged bullish bets. Crypto markets continue to adjust to Fed policy shifts and liquidity tightening, contrasting sharply with gold’s 2025 breakout.

Market positioning shows capital rotating into industrials, small caps, and hard assets like gold and silver, while megacap tech pauses after record highs. Boeing (BA), TSMC (TSM), and power infrastructure names offer clear catalysts, with gold’s surge to $3,816 fueled by rate cuts and ETF inflows. Strategy: Buy hard assets and infrastructure, Hold the S&P 500 and Dow at peak levels, and Sell stretched megacap tech after outsized AI-driven rallies

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