Stocks close higher as S&P edges toward bull market: Stock market news today

US stocks closed higher Tuesday as the S&P 500 (^GSPC) advanced 0.23%, the Nasdaq Composite (^IXIC) gained 0.36%, and the Dow Jones Industrial Average (^DJI) ticked up above the flatline.

The S&P 500 flirted with a bull market as regional banks dominated the list of best-performing stocks in the index, driven by Zions Bancorporation (ZION) and Comerica Incorporated (CMA), with shares rising 4% and 6%, respectively. Shares of semiconductor companies including Advanced Micro Devices, Inc. (AMD) and Intel Corporation (INTC) climbed. Meanwhile, the NASDAQ 100 (^NDX) ended the trading session with a 4-day winning streak.

In commodities, wheat prices soared after Ukraine said Russian forces had blown up a giant dam in the country’s South, posing supply concerns for the Black Sea grain trade.

Meanwhile, oil continued to fall as optimism over Saudi Arabia’s plans for an extra million-barrel daily cut in faded crude output. WTI crude futures dropped nearly to $71.59 a barrel, while Brent futures fell slightly to $74.81 a barrel.

Treasury yields fell after the US government on Monday started to issue a wave of Treasury bills to rebuild its cash pile, which had been nearly drained over the last few months. The issuance of the new bills could impact liquidity in financial markets and could have an adverse effect, according to investors and analysts.

The yield on the benchmark 10-year Treasury rose to 3.6%. The two-year note yield edged up to 4.5%, while the 30-year bond traded down to 3.8%. Meanwhile, the dollar index strengthened.

CUPERTINO, CALIFORNIA - JUNE 05: Members of the media inspect the new Apple Vision Pro headset during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California.  Apple CEO Tim Cook kicked off the annual WWDC22 developer conference with the announcement of the new Apple Vision Pro mixed reality headset.  (Photo by Justin Sullivan/Getty Images)

Members of the media inspect the new Apple Vision Pro headset during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California. (Photo by Justin Sullivan/Getty Images)

In other news, investors are still digesting announcements from Apple’s (AAPL) Worldwide Developer Conference on Monday. The tech giant introduced its most ambitious hardware lineup in years, including a highly anticipated mixed reality headset, the Apple Vision Pro. Shares slightly ticked down Tuesday, after losing hold of a record intraday high of around $185 a share on Monday to end lower.

Elsewhere in tech, GitLab Inc. (GTLB) shares surged 30% after the software company posted an earnings beat in its first quarter while providing positive guidance.

Meanwhile, Coinbase (COIN) stock sank nearly 20% before paring losses on Tuesday after the Securities and Exchange Commission sued the crypto exchange, alleging that it acted as an unregistered exchange and broker.

The news came a day after the SEC filed a separate lawsuit against Binance alleging violations of securities law, sending Bitcoin (BTC-USD) below $27,000, its lowest point in weeks.

Elsewhere, Australia’s central bank hiked its key interest rate by 25 basis points for the second time in a row. The Australian dollar jumped 0.68% after the surprise move.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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