S&P 500, Nasdaq Reach New Intra-Day Records, Buoyed by Apple, Microsoft

The   $S&P 500 Index(.SPX.US)$ rose to a new intra-day record of 5488.50, before paring gains to close at 5473.27, also an all-time high. The   $Nasdaq Composite Index(.IXIC.US)$ rose to as high as 17935.99, before trimming the advance to 17,857. The indexes turned higher, wiping earlier declines, as investors gauge which equities can stay on an upward trajectory after climbing earlier this year.

$Apple(AAPL.US)$ and   $Microsoft(MSFT.US)$ led the advance in megacap tech.     $Alphabet-A(GOOGL.US)$   $Amazon(AMZN.US)$ and   $Meta Platforms(META.US)$ closed higher, swinging from losses.   $NVIDIA(NVDA.US)$pulled back slightly after touching a new all-time high.

Earlier today, the Federal Reserve Bank of New York released data showing companies across the state are becoming more optimistic about their outlook, even as manufacturing stayed in contraction in June. Still, employment levels and hours worked continued to slip in New York state, according to the Empire State Manufacturing Survey released Monday morning. The outlook for growth in employment remained weak as capital spending plans still appeared sluggish, the report showed.

The $U.S. 10-Year Treasury Notes Yield(US10Y.BD)$ rose to 4.281% from the previous close of 4.229% after Minneapolis Fed President Neel Kashkari said over the weekend that it's reasonable to expect that policymakers won't cut interest rates until December. The $U.S. 2-Year Treasury Notes Yield(US2Y.BD)$ was higher at 4.766.