S&P 500 Holds Near Record Close as Rotation Masks Bank, Chip Losses

The S&P 500 closed Tuesday at 7,805.45, down two basis points, a second straight session holding just under the record-close zone, and the tape underneath says something more interesting than the flat print. Positive breadth, 271 names higher against 230 lower, or 53.9% advancing, carried the session while only a few heavily weighted pockets, banks digesting mixed earnings, a sliding Johnson & Johnson and another crack in semis, dragged the index sideways. This is a rotation, not a breakdown, and the week now collapses to a single binary: the September CPI print due Wednesday at 08:30 ET.

Key Takeaways The S&P 500 closed Tuesday at 7,805.45 (-0.02%), roughly six points under the October 9 rec…