Stock futures are little changed after S&P 500 closes above 5,500 level: Live updates

The consumer discretionary sector popped 1.8% to close at its highest level since January 2022.

A 10.2% jump in Tesla shares helped lift the sector. The electric vehicle maker surged as its second-quarter vehicle production and delivery reports surpassed analysts’ expectations.

E-commerce giant Amazon also contributed to the sector’s gains, rising 1.4% and hitting a new all-time high.

Consumer discretionary was the outperformer of the 11 sectors in the S&P 500 on Tuesday, boosting the broad market index to closing record of 5,509.01 and its first close above the 5,500 threshold.

—Darla Mercado, Chris Hayes

The first half of this year has been characterized by a technology-led rally within the equity markets. But as the latter half of the year kicks off, Goldman Sachs foresees the tides turning for investors.

“As we enter the second half of the year, the risks for equity holders are rising,” wrote strategist Peter Oppenheimer. He also pointed to an uncertain backdrop that includes lofty valuations and increasing political risk.

However, Oppenheimer reassured investors by pointing to historical records indicating that a solid second half of the year usually follows a strong first half.

“Nonetheless, it should be stressed that it is unusual for 2H returns to be weak following 1H returns as strong as we have seen this year,” he wrote.

— Lisa Kailai Han