The S&P 500 fell on Tuesday after edging up to an intra-day record high for the second straight session, while Apple became the first company to close with a market capitalization above $800 billion.
Better-than-expected quarterly earnings and Emmanuel Macron’s victory in the French presidential election on Sunday have given Wall Street confidence, despite high valuations that are above average.
The hope that Trump will cut corporate and personal taxes remained in focus for investors.
Apple rose 0.64 percent to end at $153.99, giving it a market valuation of $802.9 billion, a first for a any company. Investors are optimistic Apple will mark the 10th anniversary of the iPhone by launching a model with extraordinary features.
After the bell, videogame maker Electronic Arts jumped 3.9 percent following its fiscal fourth-quarter report.
Four of the 11 major S&P sectors rose during Tuesday’s session, led by the consumer discretionary index, while the typically defensive plays such as utilities and telecom services fell. The energy sector index was down 0.86 percent on the back of falling oil prices.
Shares of Valeant Pharmaceuticals rose 24 percent after the company posted its first profit in six quarters.
Sturm Ruger gained 9.85 percent, leading other gun makers higher after its quarterly report suggested a drop-in demand after Trump’s election may be bottoming out.
Endo International, Office Depot and Marriott also rose after reporting better-than-expected quarterly earnings.
Wayfair surged 20.73 percent to an all-time high after the online furniture retailer revenue beat analysts’ expectations.
Approximately 6.7 billion shares changed hands on the major domestic equity exchanges, in line with the daily average over the last 20 sessions.