Stocks are little changed as S&P 500 trades near record high: Live updates

The S&P 500 was little changed Tuesday, trading near a record as stocks stay resilient despite rising global trade fears and persistent inflation worries.

The broad market index inched up 0.1%, while the Nasdaq Composite ticked down 0.04%. The Dow Jones Industrial Average lost 48 points, or 0.1%.

Wall Street is coming off a winning week for the major averages. The Dow gained roughly 0.6% last week, while the S&P 500 advanced 1.5%. The Nasdaq rose 2.6%.

“Overall, the market is still trying to break out of the consolidation it’s been in since early December,” said Chris Larkin, managing director of trading and investing at E-Trade from Morgan Stanley. “This week kicks off the retail portion of earnings season, but news out of Washington, especially on the tariff front, could continue to be a wild card for the markets.”

Much of last week’s advance came Thursday after President Donald Trump’s plan for reciprocal tariffs on countries with levies on U.S. goods soothed investors who worried the tariffs would be more stringent.

Stocks have been choppy to start the year, but, even with ongoing concerns around trade and inflation, a look at the major averages shows they are not too far off their recent highs as investors scan for a catalyst for the next leg higher.

“I think there’s a not-zero chance that the Federal Reserve reverses course next year as inflation becomes a 2026 story,” said Steve Wyett, chief investment strategist at BOK Financial. “That’s not being reflected in asset values at the present time. I’m more optimistic than I am pessimistic, but I think we also need to be realistic.”

The 30-stock Dow and the Nasdaq are about 1% off their recent records, while the S&P 500 is just 0.2% off its own milestone.