New York, NY – The consumer discretionary sector experienced a significant surge, closing at its highest level since January 2022. This boost was primarily driven by a 10.2% increase in Tesla shares, following the electric vehicle maker’s impressive second-quarter production and delivery reports that exceeded analysts’ expectations. Additionally, e-commerce giant Amazon also contributed to the sector’s gains by rising 1.4% and reaching a new all-time high.

Among the 11 sectors in the S&P 500, consumer discretionary emerged as the top performer on Tuesday. This strong performance not only lifted the sector but also propelled the broad market index to a closing record of 5,509.01, marking its first close above the 5,500 threshold.

In another development, Paramount witnessed a 9% rally due to news of reignited merger talks with Skydance Media. This development comes after talks for a deal in June were previously called off by National Amusements and Skydance. Paramount declined to provide a comment to CNBC, while requests for comments from National Amusements and Skydance remained unanswered.

Looking ahead, Goldman Sachs warns of rising equity risks in the latter half of the year. The first half of the year saw a technology-led rally in equity markets, but as the second half unfolds, uncertainties such as high valuations and increased political risks could pose challenges for investors. Despite these concerns, historical data suggests that a solid second half typically follows a strong first half, offering some reassurance to investors.

Overall, the financial markets remain dynamic and responsive to various factors, with each sector and company contributing uniquely to the market’s performance. As investors navigate through the ever-evolving market landscape, staying informed and agile is crucial for making sound investment decisions.