Stock market today: Live updates

The Dow Jones Industrial average briefly touched a record as investors rotated out of technology stocks into shares more broadly linked to improvements in the economy.

The Dow Jones Industrial Average rose 0.2%, after earlier rising as much as 0.5% to touch 49,653, a new record. The S&P 500 index fell 0.4% and the Nasdaq Composite shed 1% with Nvidia, Microsoft and software shares declining.

In the healthcare sector, Merck was up more than 3% after the pharmaceutical firm posted fourth-quarter earnings and revenue that topped estimates on strong demand for its cancer immunotherapy Keytruda and some of its other products. Merck was the biggest gainer in the Dow up 3.5%

Pepsi earnings were also strong, fueled by improving organic sales across its business — a fact that pushed up shares about 4%. Elsewhere, bank stocks were also in the green. JPMorgan and Wells Fargo rose 2%, while Citigroup gained about 1%.

Shares of Palantir jumped 6% after the defense tech company gave strong fourth-quarter financial results and upbeat guidance.

But most technology shares were in the red. Nvidia and Microsoft shed 2% apiece with both AI bellwethers adding to their losses for the year. Software stocks continued their 2026 rough with shares like ServiceNow and Salesforce down 7% and 5% respectively on Tuesday.

“The themes that have been driving risk assets higher — the Federal Reserve obviously not tightening rates, probably reducing rates a little bit more this year, the strong economy and profit backdrop and the tariff story not getting worse … you still have those tailwinds in place,” Solus Alternative Asset Management strategist Dan Greenhaus said Monday on CNBC’s “Closing Bell.” “The AI story is still driving markets.”

“I think when you put all of that together, you might get a little more volatile in February, but what’s driving the market is still there,” Greenhaus added.

Helping sentiment Tuesday was a rebound in silver and gold prices, with spot gold up 5% and spot silver up 10% on the day. Gold and silver have been the most popular trades of retail traders this year. Big losses in the silver last week raised fears that the trade unraveling would trigger a risk-off mentality for the group across the board.

Investors this week are digesting more than 100 S&P 500 companies reporting earnings results. In addition to Alphabet, fellow “Magnificent Seven” giant Amazon is slated to report later this week. Tech earnings will be in focus as investors look for signs of AI-driven efficiency and profit growth, particularly after the market’s unforgiving reaction to Microsoft’s results last week.