A mixed trading session took shape Tuesday on Wall Street, as investors rotated out of high-flying tech stocks and into lagging sectors.
By midday in New York, the Nasdaq 100 dropped 0.7% to 22,500 points, while small caps in the Russell 2000 jumped 1.9% and the Dow Jones Industrial Average climbed 1.2%, reflecting strength in blue-chip and small-cap names. The S&P 500 was flat at 6,200 points.
Shares of Palantir Technologies Inc. (NASDAQ:PLTR) fell 4% despite a lack of major news, as investors appeared willing to take some profits following a year-to-date rally of over 70%.
Powell Keeps July Rate Cut On the Table
Speaking at the European Central Bank's symposium in Sintra, Fed Chair Jerome Powell signaled that most officials still expect to cut interest rates later this year.
Notably, Powell rejected the speculation that a July rate cut is off the table, reaffirming the Fed's data-dependent stance.
Meanwhile, the U.S. Senate approved President Donald Trump's One Big Beautiful Bill.
The U.S. dollar index held steady as the greenback attempted to snap a nine-day losing streak against the euro — the longest stretch of declines since 2003. Treasury yields edged slightly higher, with the 10-year note rising three basis points to 4.26%.
On the sector front, materials outperformed, breaking above their 200-day moving average for the first time in 2025. Technology lagged.
In industry highlights, solar stocks rallied after the Senate approved a tax-and-spending bill that scrapped a proposed excise tax on renewable energy projects. Upward momentum was seen from Sunrun Inc. (NASDAQ:RUN), up 10%; SolarEdge Technologies Inc. (NASDAQ:SEDG), up 9.7% and Enphase Energy Inc. (NASDAQ:ENPH), up 4%, while the Invesco Solar ETF (NYSE:TAN) surged 5.4%.
Commodities advanced broadly, with gold gaining 1% to $3,340 per ounce and silver rising 0.5% to $36.20. Copper edged up 0.2%, reaching its highest level since late March, while oil climbed 1% to $65.71 a barrel.
Bitcoin (CRYPTO: BTC) softened 1% to $106,000.
Tuesday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day chg. % |
| Russell 2000 | 2,209.86 | +1.9% |
| Dow Jones | 44,532.74 | +1.2% |
| S&P 500 | 6,203.82 | 0.0% |
| Nasdaq 100 | 22,530.87 | -0.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) edged 0.1% up to $568.25.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.9% to $444.24.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) eased 0.7% to $547.62.
- The iShares Russell 2000 ETF (NYSE:IWM) rallied 1.2% to $218.26.
- The Materials Select Sector SPDR Fund (NYSE:XLB) outperformed, up 3%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 0.8%.
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