S&P 500 Hits Record as Tech Rally Powers Markets Into Tuesday

CNBC reported Monday that a broad tech-led advance pushed the S&P 500 record to a fresh all-time closing high. Rising oil prices weighed on sentiment but failed to derail the rally.

Tech and Financials Set a Mixed Backdrop

Strength in technology shares was the dominant force behind Monday’s move. The financial sector told a different story. The S&P Financials sector has shed roughly 1% over both the past week and month. It remains about 9% below its January peak.

Goldman Sachs stood apart from that sector weakness. Shares of the bank climbed to a new high Monday. The stock has added roughly 13% over the past month and 5% in the past week alone.

Goldman Sachs CEO David Solomon** is scheduled to appear live on CNBC’s Halftime Report Tuesday. CNBC’s Leslie Picker** will interview him at the Economic Club of New York.

Earnings Front and Center Tuesday

Investors will have several high-profile reports to digest. Palo Alto Networks releases quarterly results after the closing bell. The cybersecurity firm’s shares have roughly doubled over just three months and notched yet another record high Monday. CEO Nikesh Arora is set to appear on Mad Money Tuesday evening.

Cisco Systems has been an equally striking performer. Shares hit a new high Monday after surging approximately 32% in a month and 52% over three months. CEO Chuck Robbins will also join Mad Money Tuesday night.

Also Read: Fed Holds Rates Steady as Inflation Data Stays Elevated

Background: Retailers Face a Harder Path

Not every name enters Tuesday with momentum. Cosmetics chain Ulta Beauty reports after the bell following a bruising stretch. The stock has lost around 27% over three months and sits roughly 30% below its February peak.

Discount retailer Dollar General reports before the open under similar pressure. Its shares have fallen about 27% over three months, also down 30% from February highs.

Victoria’s Secret also steps into the earnings spotlight Tuesday morning. The lingerie brand, now trading under the ticker VSXY, has surged roughly 156% over the past year. Even so, it remains about 19% below its January high.

Also Read: Oil Prices Rise on Supply Concerns Ahead of OPEC Meeting

What It Means for the Session Ahead

Tuesday stacks executive commentary on top of a full earnings slate. Traders will weigh consumer-facing results from Ulta and Dollar General against continued momentum in cybersecurity and networking names. The S&P 500 record sets a high bar heading into the session.

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