Stock Market Today: Live Updates

The S&P 500 and Nasdaq Composite Index hit new record highs at market open on Tuesday, marking the second consecutive trading day for both indexes to hit new highs.

The Dow Jones Industrial Average lagged behind, losing 62 points, or 0.1%, while the S&P 500 rose 0.1% and the Nasdaq Composite added 0.3%.

Brian Evans

Pershing Square has begun a roadshow for an initial public offering of its closed-end investment vehicle, Bill Ackman’s company announced Tuesday.

Pershing Square USA’s IPO is priced at $50 a share and the fund will list on the New York Stock Exchange under the ticker symbol PSUS. Citigroup, UBS Investment Bank, Bank of America Securities and Jefferies are acting as global coordinators and bookrunners for the transaction, Pershing Square said.

The firm previously said the closed-end fund would invest in 12 to 24 large, investment-grade, “sustainable growth” companies in North America. The fund has no performance fees, and Ackman will waive management fees for the first 12 months and charge a flat 2% fee after the first year.

The move to go public is widely seen as a way to leverage Ackman’s popularity among public investors. The billionaire investor has amassed 1.3 million followers on the social media platform X, where he comments on a range of issues from anti-Semitism to the presidential election.

Yun Lee

European oil giant BP’s shares fell more than 4% on Tuesday after the company warned investors about impairment charges of up to $2 billion in the second quarter and lower refining margins.

The after-tax impairment charge, in the range of $1 billion to $2 billion, includes costs related to BP’s ongoing review of its Gelsenkirchen, Germany, refinery, as well as other asset charges and contractual provisions.

BP also expects lower refining margins in the second quarter, which could negatively impact its results by $500 million to $700 million. The oil major reports quarterly results on July 30.

Spencer Kimball

The impact of the Federal Reserve’s interest rate cuts on the stock market may be overstated by investors, according to Vital Knowledge’s Adam Crisafulli.

“Our view on the SPX remains cautious as investors are too optimistic about the effectiveness of Fed rate cuts and not paying enough attention to weakening economic momentum,” he wrote. “The case for initiating rate cuts in September is strong, but what follows is likely a gradual easing cycle that will likely not be enough to immediately halt the ongoing growth slowdown.”

Fred Imbert

The S&P 500 and Nasdaq Composite continued to rise on Monday. As of the close of regular trading, the composite had recorded 35 closing highs for 2024, while the Nasdaq had recorded 25.

But many investors are expecting a summer correction and say investors should extend their bets before stocks peak.

“It’s really important to stay broadly diversified,” Courtney Garcia, senior wealth advisor at Payne Capital Management, said Monday on CNBC’s “Closing Bell.” “I don’t see the end of momentum trading here, especially in the short term, but when things change, they change quickly. And when you look at valuations, there’s a lot of opportunity here.”

Sarah Min

U.S. stock futures opened little changed Monday night.

Dow Jones Industrial Average futures rose 13 points, or 0.04%, while S&P 500 futures and Nasdaq 100 futures rose 0.03% and 0.07%, respectively.

Sarah Min