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Nasdaq and S&P 500 slip while Dow hits record high
Reuters Videos61d agobullishVIDEO
Nasdaq and S&P 500 slip while Dow hits record high

<body><p>STORY: Wall Street's main indexes ended mixed on Tuesday, with the Dow gaining just under two-thirds of a percent to notch its second straight record-high close... while the S&P 500 shed more than half a percent and the Nasdaq dropped more than one percent.</p><p>Shares of Elon Musk's SpaceX ended nearly 5% higher, paring earlier gains. For much of the session, the rocket and AI company's value was above that of Amazon, and it briefly surpassed Microsoft's valuation, as retail investors continued to pour into the stock after its record-breaking IPO.</p><p>But Amol Dhargalkar, chairman and managing partner at Chatham Financial, warned of several risks that could trigger volatility for SpaceX and other AI-related stocks.</p><p>"I think that's a really difficult position to be in as a retail investor, especially when you consider the fact that there is a lot of risk, not just in the business model, but these are names where the cash flows are likely far into the future.&nbsp;And we are not in a period of 0% or negative interest rates or even declining interest rates at this point.&nbsp;</p><p>There's a lot of question as to whether interest rates will continue to be flat or will they go up.&nbsp;And that can certainly be a meaningful drag on valuations of high growth companies, especially where that growth is out far into the future."</p><p>Investors will look for clues on where interest rates are headed when the Federal Reserve concludes its latest two-day policy meeting on Wednesday, with Kevin Warsh holding his first press conference as Fed chair.</p><p>Other stocks on the move included shares of Olin, which sank nearly 6% after the chemical producer said it would acquire Huntsman in an all-stock deal valued at more than $2.4 billion. Huntsman shares also fell as the offer stood at a discount to the stock's recent price.</p><p>:: Yum Brands</p><p>And shares of Yum Brands rose after the fast-food company said it would sell its Pizza Hut chain for $2.7 billion, against a backdrop of softer consumer spending across the fast-food industry.</p></body>

Dow Tops 52,000. Tech Slides.
Barrons.com61d agobullish
Dow Tops 52,000. Tech Slides.

The Dow closed above 52,000 for the first time, as Wall Street sold tech and bought laggards. The Dow rose 332 points, or 0.6%, to finish at a record and inch over the 52,000 mark. Tech was the clear loser among S&P 500 sectors on a day when breadth was positive for most of the afternoon.

SpaceX Is Already Having an Impact on One Major Stock Benchmark
The Wall Street Journal61d agoneutral
SpaceX Is Already Having an Impact on One Major Stock Benchmark

The two key Nasdaq stock benchmarks will treat SpaceX very differently at first. The Nasdaq composite, a benchmark that includes virtually every stock that trades on the Nasdaq exchange, has already added SpaceX, weighted according to the company's full market cap of nearly $3 trillion. Nasdaq has long added companies listed on its exchange to this benchmark on their second day of trading.

Morgan Stanley issues verdict for nervous stock market investors
TheStreet61d agoneutral
Morgan Stanley issues verdict for nervous stock market investors

Investors had been bracing for a deeper stock-market reset after the latest pullback exposed the cracks beneath the surface. Morgan Stanley says that fears might be going too far. According to a note shared with me, strategist Michael Wilson said the correction underscores a normal shift inside an ...