Nasdaq Powers to a New High. AI Leaves Rest of Market in the Dust.

Tech stocks extended their record-setting run, while the S&P 500 ended the session not far from where it started.

The Nasdaq Composite rose 0.5% in its second consecutive day of setting a new high. The S&P was flat. The Dow Jones Industrial Average fell 0.4%, or 185 points.

"AI is the main character of the markets novel right now," Aptus Capital Advisors' David Wagner says, adding that oil and Treasury moves were "tertiary" characters. Tuesday brought relatively muted moves for both with oil futures and bond yields seeing modest declines.