The Nasdaq technology index closes near its all-time highs amid the release of corporate earnings.
The U.S. stock index heavily weighted by technology shares, Nasdaq, saw a significant rise during Tuesday's trading session, closing near its all-time highs, which were recorded on July 11.
The strong performance of the Nasdaq index came at a time when technology shares experienced a mixed session as investors assimilated new data showing job vacancies at their lowest levels since January 2021, amid a new wave of earnings, prominently from Alphabet, the parent company of Google, among several tech giants after the market closed.
Before the release of Alphabet's earnings, the Nasdaq Composite Index closed Tuesday's session close to its record high set in July, rising about 0.98% to close at 20,550.65 points, nearing its peak of 20,690.97 points.
The Nasdaq's gains were supported by Broadcom's shares, which surged more than 4% after reports that it plans to work with Microsoft-backed AI startup OpenAI to develop a new AI chip.
Following the Nasdaq, the benchmark S&P 500 index rose about 0.16% to 5,832.91 points after opening the session lower, while the Dow Jones Industrial Average was the only major index that closed in the red, falling about 0.36%, or just over 154.5 points, to register 42,233.05 points.
Before the bell, companies including McDonald's, PayPal, and Pfizer, listed on Nasdaq, announced their third-quarter earnings, while AMD, Chipotle, Visa, and Alphabet were set to release their results after the market closed.
This follows new data released by the Bureau of Labor Statistics on Tuesday, showing that the number of job vacancies at the end of September reached 7.44 million, down from 7.86 million in August, following a downward revision from 8.04 million jobs.
Investors were closely monitoring signs of further slowdown in the labor market ahead of the upcoming Federal Reserve's interest rate decision on November 7, with remaining labor and personal consumption expenditures inflation data scheduled for release later in the week.