S&P 500 and Dow Rally to Record Highs as Tech Stocks Surge

Market Performance - The S&P 500 Index closed up +0.62%, the Dow Jones Industrial Average up +0.99%, and the Nasdaq 100 up +0.94% on Tuesday [1] - Stock indexes rallied, with the S&P 500 and Dow posting record highs, and the Nasdaq 100 reaching a 1-week high [2] Sector Performance - Strength in chipmakers and data storage companies contributed to the broader market gains [2] - Mining stocks rallied as copper prices reached a new all-time high, driven by expectations of potential tariffs on refined copper by the Trump administration [2] Economic Indicators - US copper imports in December reached the highest level since July [2] - The December S&P services PMI was revised downward by -0.4 to 52.5 from the previously reported 52.9, indicating a slight contraction in services [4] Federal Reserve Commentary - Richmond Fed President Tom Barkin expressed a slightly hawkish outlook, anticipating tax cuts and deregulation to boost growth, while noting a delicate balance in monetary policy due to rising unemployment and high inflation [5] - Fed Governor Stephen Miran provided a dovish perspective, suggesting that over 100 basis points of rate cuts may be justified this year [5] Upcoming Economic Data - The market is focused on upcoming US economic news, including expected increases in ADP employment change (+48,000) and JOLTS job openings (+9,000 to 7.679 million) [5] - The December nonfarm payrolls are expected to increase by +59,000, with the unemployment rate anticipated to slip by -0.1 to 4.5% [5]