Wall Street notched fresh record highs Tuesday, with the S&P 500 and Nasdaq Composite both closing at all-time peaks as chipmakers Nvidia and AMD surged to new highs of their own.

The Dow Jones Industrial Average rose 253.14 points, or 0.49%, to close at 51,521.04. The S&P 500 gained 45.00 points, or 0.58%, to finish at 7,818.95, and the Nasdaq Composite added 122.48 points, or 0.45%, to close at 27,599.79, according to TheStreet's market wrap.

Chips Lead the Charge

Nvidia and AMD both touched all-time highs during the session, with Nvidia's market capitalization closing in on $6 trillion. AMD chief executive Lisa Su said "demand for compute continues to outrun supply," a line that captured the mood driving the broader tech rally, according to Yahoo Finance's live markets coverage. Marvell Technology jumped roughly 8% after raising its fiscal 2028 revenue guidance to about $20 billion.

DEMAND FOR COMPUTE CONTINUES TO OUTRUN SUPPLY.

Easing Treasury yields helped clear the way for the rally. The 10-year yield settled at 5.27% and the 30-year eased to near 5.64% — still the highest levels since 2002 — after both had touched 24-year highs in recent sessions. Falling oil prices added to the relief.

Not every mover was a chip stock. Constellation Energy jumped 13% after Google announced a $4.3 billion, 20-year nuclear power agreement to help supply the massive electricity demands of AI data centers, underscoring how artificial intelligence infrastructure spending continues to ripple across unrelated sectors of the market.

Beneath the record headlines, some strategists flagged a narrowing rally: only about 25% of S&P 500 stocks were trading above their 50-day moving averages even as the index closed at an all-time high, a sign that gains remain concentrated in a handful of mega-cap names. Attention now turns to the start of third-quarter earnings season, with analysts projecting annual S&P 500 earnings growth of roughly 30.6%, led by a jump in energy and technology sector profits.