Wall Street Highlights: Dow Jones, S&P 500 Hits Record; Broad Gains Outweigh Chip Rout

The S&amp;amp;P 500 Index climbed on Tuesday as oil prices continued to slide. Broad gains pushed an equal-weight version of the index to an all-time high even as chipmakers sold off.&amp;nbsp;The benchmark index closed up 0.2%, while the tech-heavy Nasdaq 100 Index dropped 1%, paring a heavier slump that brought it close to correction territory. The Philadelphia Semiconductor Index fell 4.5% after plunging as much as 6.5%.Chip stocks Micron Technology Inc. and Sandisk Corp. were among the biggest losers on the S&amp;amp;P 500. Hyperscalers&#039; expected spending growth is outpacing estimated cash-flow gains, adding to investor concern about how quickly capex will translate into profit, according to Torsten Slok, Chief Economist Apollo Global Management Inc.The divergence in S&amp;amp;P 500 and Nasdaq 100 moves &ldquo;reflects rotation&rdquo; away from chipmakers, First New York portfolio manager Vikram Rai said. The Nasdaq 100 &ldquo;can&#039;t go up if semiconductors and memory don&#039;t go up,&rdquo; he added.&amp;nbsp;Oil prices fell, notching their worst three-day stretch in more than six years. West Texas Intermediate fell 4.2%, near $79 a barrel.ALSO READ:&amp;nbsp;Oil Retreats: Brent Slumps 5% To Below $84 After Trump Hints At &#039;Good&#039; Talks With Iran&ldquo;Once again, oil sells off sharply following a halt in bombing and reports of progress in talks,&rdquo; Helima Croft, chief commodities strategist at RBC Capital Markets wrote in a note. However, she is still &ldquo;exceedingly skeptical that we are on the brink of a major diplomatic breakthrough.&rdquo;&amp;nbsp;Instead, Croft said the &ldquo;threat of missiles, mines, drones, and Tehran tolls will keep a significant portion of the shipping market on the sidelines.&rdquo;Traders were also awaiting megacap tech earnings due later this week. Shares of Microsoft Corp. advanced as it and Meta Platforms Inc. were due to release results on Wednesday after the bell. Bloomberg Intelligence&#039;s earnings scorecard has been solid so far this season, with some 94% of growth companies delivering positive surprises.In Tuesday earnings news, Corning Inc. plunged after its sales view missed estimates, while shares of United Parcel Service Inc. fell after the parcel carrier warned of lower delivery volumes later this year. Coca-Cola Co. &amp;nbsp;after boosting its full-year outlook thanks to demand while it was sponsoring the World Cup.In other news, electric-vehicle company Lucid Group Inc. soared&amp;nbsp;22%&amp;nbsp;after Saudi Prince Alwaleed bin Talal Al Saud bought a 5% stake.Investors are now shifting their attention to the Federal Reserve&#039;s Wednesday interest-rate decision.&ldquo;Tomorrow is a major, major worry,&rdquo; First New York&#039;s Rai said. Fed Chairman Kevin Warsh &ldquo;has the toughest boss in the world,&rdquo; and has a hard decision to make, he said.&amp;nbsp;Analysts at JPMorgan Chase &amp;amp; Co. said the probability of a rate hike is likely less than the roughly 30% chance currently priced, as &ldquo;inflation, while elevated, does not appear to at-risk of an upside explosion.&rdquo; They assign a 50% chance to a &ldquo;hawkish hold,&rdquo; as the central bank will want to stay vigilant even though recent energy prices suggest disinflation may be ahead.&ldquo;A mild bout of risk aversion is looming over financial markets ahead of the Fed policy decision and two weeks of significant corporate earnings,&rdquo; RSM Chief Economist Joseph Brusuelas said. With tech and oil company results ahead, there might have been &ldquo;a bit more willingness put capital to work&rdquo; if not for rising concerns about artificial intelligence competition from China and tech-ecosystem financials, he said.ALSO READ:&amp;nbsp;Trade Setup For July 29: Nifty Bulls Eye 24,120 Breakout Amid IT Rebound, Oil Retreat | Check Key LevelsSectors in FocusHealthcare, as JPMorgan strategist Dubravko Lakos-Bujas writes that the sector &ldquo;offers a rare combination of durable growth, technology-like profitability, attractive valuation and diversification benefits at a time when many investors remain heavily concentrated in the AI theme.&rdquo;Energy and commodities-linked companies, with oil slipping.Consumer staples companies rose the most in 15 months after Coca-Cola beat estimates.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Wall Street Highlights: Dow Jones, S&P 500 Hits Record; Broad Gains Outweigh Chip Rout

The benchmark index closed up 0.2%, while the tech-heavy Nasdaq 100 Index dropped 1%, paring a heavier slump that brought it close to correction territory.

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