New York, United States – Wall Street stocks mostly rose early Tuesday amid signs of greater broadening in the equity market beyond technology.
Briefing.com analyst Patrick O’Hare pointed to greater momentum for industrials and other “cyclical” sectors tied to economic growth “suggesting that there was a rotation of money within the stock market,” he said in a note.
“That is what one typically sees in a bull market,” O’Hare said.
Energy and materials were two other sectors showing early gains, while technology was lower. Tech gains were at the heart of the stock market’s buoyant first semester of 2023.
About 25 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 34,060.67.
The broad-based S&P 500 added 0.1 percent at 4,415.35, while the tech-rich Nasdaq Composite Index dipped 0.1 percent to 15,017.45.
Markets are looking ahead to Wednesday’s consumer price index report, a critical data point for the upcoming US Federal Reserve decision.
The yield on the 10-year US Treasury note, a proxy for interest rates, dipped below 4.0 percent.