By Caitlin McCabe and Karen Langley

Tech stocks are back in business.

Gains by the technology sector pushed the S&P 500 higher Tuesday, while each member of the Magnificent Seven group of big tech stocks advanced. Nvidia rose more than 3% to lead the bunch.

In recent months, a broad range of stocks, including groups like utilities, real estate and industrials, have driven the market higher. Most sectors advanced Tuesday, helping investors look past concerns about rising oil prices and the approaching U.S. elections.

Meanwhile, a Chinese stock-market rally lost steam after a top planning body disappointed investors with a lack of specifics on further stimulus. Hong Kong's Hang Seng Index, which had surged recently while the mainland was on holiday, suffered its worst pullback since 2008.

In recent trading:

--Stocks rallied. The tech-heavy Nasdaq Composite led major indexes higher, while the S&P 500 and Dow Jones Industrial Average also rose.

--Treasury yields remained above 4%. On Monday, the 10-year yield settled at 4.025%, its highest 3 p.m. ET level since late July.

--Asian indexes diverged sharply. Mainland Chinese stocks ended higher but with pared-back gains. The Shanghai Composite initially jumped 10% as markets reopened after a long national holiday, but finished up 4.6%.

--Brent crude-oil futures sank below $78 a barrel.

--The Cboe Volatility Index slipped, but remained elevated after jumping Monday.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

October 08, 2024 14:11 ET (18:11 GMT)

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