Small Caps Test 200-Day Average, Nasdaq 100 Eyes Record Ahead Of US-China Progress: What’s Driving Markets Tuesday?

U.S. stocks ticked up on Tuesday, with investors closely watching for potential progress in ongoing U.S.-China trade negotiations taking place in London.

By midday in New York, the S&P 500 and Nasdaq 100 were both up 0.4%, with the tech-heavy Nasdaq reaching levels last seen on Feb. 21 — now just 1.5% below its record high.

Small caps extended their recent outperformance versus large caps for a fourth straight session. The Russell 2000 is now testing key resistance at its 200-day moving average, a closely watched technical level.

Among sectors, energy led the gains, fueled by rising crude and gasoline prices. West Texas Intermediate crude climbed nearly 1% to $66 per barrel, the highest since April 4, …

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