Stock market today: Wall Street squeaks higher to set more records

NEW YORK — U.S. stock indexes drifted higher to set more records following another quiet day of trading. The S&P 500 rose 0.3% Tuesday to surpass its record set last week. The Nasdaq composite added 0.2%, a day after setting its latest all-time high. The Dow Jones Industrial Average rose 0.2% and is sitting just below its record set last week. Macy’s jumped after it joined the long list of companies reporting better profit for the latest quarter than analysts expected.

Lam Research helped support the market after the supplier for the semiconductor industry announced a program to buy back up to $10 billion of its own stock. The company also said it will undergo a 10-for-one stock split, which would bring down each share's price and make it more affordable to more investors. Its stock rose 2.2%.

Lowe’s fell 2.6% despite reporting better results for the latest quarter than analysts had feared. It said it’s maintaining its forecast for revenue this year, including a dip of up to 3% for an important underlying sales figure as high interest rates keep a lid on customer activity. An encouraging report released last week showing inflation may finally be heading back in the right direction following a discouraging start to the year raised hopes that such a “soft landing” for the economy may be possible. It also strengthened hopes that the Federal Reserve will cut its main interest rate once or twice this year.

Hopes for coming cuts to rates have sent Treasury yields lower, which eases the pressure on the stock market. The yield on the 10-year Treasury slipped to 4.41% from 4.48% late Monday. The two-year yield, which more closely tracks expectations for Fed actions, slipped to 4.83% from 4.85%.

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