The New York Stock Exchange (NYSE) reached a historic high with a surge in tech stocks leading the market rally. Major indexes closed higher, continuing their recovery from a recent selloff, with the S&P 500 and Nasdaq Composite advancing 0.2% and 0.5% respectively. The Dow Jones Industrial Average also saw a fractional rise. This positive momentum followed news that President Trump might reduce tariffs on U.S. trading partners.

Investors remained cautious amidst weaker-than-expected consumer confidence data, indicating concerns over potential inflation and economic growth slowdown due to tariffs. The upcoming release of the Federal Reserve’s inflation measure report on Friday is eagerly anticipated.

The NYSE saw mega-cap tech stocks driving the market, with Tesla leading the gains by rallying 3.5% and extending its winning streak to the 5th consecutive session. Other tech giants like Apple, Alphabet, Amazon, and Meta Platforms also posted gains. Notably, Cloudflare received a double upgrade from Bank of America, boosting its shares by nearly 3%.

On the flip side, United Parcel Service (UPS) and KB Home witnessed declines, with UPS falling 5% due to a trimmed earnings forecast, while KB Home reported disappointing earnings and warned of consumer hesitancy. International Paper, on the other hand, outlined optimistic growth projections, leading to a 6.5% surge in its stock.

In the cryptocurrency market, Bitcoin saw a slight increase in late trading, while gold futures and crude oil prices also experienced gains. Overall, the market sentiment remains positive, with tech stocks driving the NYSE to record highs amidst ongoing economic uncertainties and tariff concerns.