U.S. Stock ETFs Lose Grip on Record Highs

U.S. equities and stock exchange traded funds touched record highs for the second straight day Tuesday with the help of strengthening technology stocks but falling energy shares dragged on markets in afternoon trading.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.1% lower Tuesday.

“There is a strong economic backdrop and robust earnings: That environment is conducive to being invested [in stocks],” Mouhammed Choukeir, chief investment officer at Kleinwort Hambros, told the Wall Street Journal.

The markets found support from strong corporate first quarter earnings and political relief after Emmanuel Macron’s victory in the French presidential election Sunday.