US stocks close mixed session despite infrastructure bill passage

4:05pm: US equities end mixed as tech stocks decline US stocks ended mixed after the Senate passed a $1 trillion infrastructure bill. But the Dow Jones Industrial Average hit a record closing high to end the day in the green. On the day, the Dow increased 163 points, or 0.46%, to 35,264 and the S&P 500 rose 0.10% to 4,436. However, the tech-heavy Nasdaq fell 0.49% to 14,788.  12:15pm: US stocks move higher propelled by infrastructure announcement The Dow Jones Industrial Average continued to move higher at midday, adding 132 points or 0.38% since the morning bell to sit at 35,234, while the S&P 500 made a modest 9 point gain to hold in the 4,441 range. Both indices are expected to benefit from the $1.2 trillion bipartisan infrastructure bill which passed through the US Senate at 11:00 am EST. The bill which took several months and ratifications before it passed with a vote of 69-30 is widely hailed as an economic catalyst to national growth and revitalization. Dubbed the Infrastructure Investment and Jobs Act the legislation features $550 billion in new federal spending over five years. There is also $110 billion ear marked for roads, bridges and major projects, a combined $130 billion to rebuild the electric grid and expand broadband internet access, $66 billion for passenger and freight rail, $39 billion to modernize and expand transit systems and $7.5 billion to build a national network of charging infrastructure for electric vehicles. Additionally, there is also $55 billion assigned to fortifying water infrastructure of which $15 billion will go to replacing lead pipes.   The approval prompted President Biden to take to Twitter, where he posted the following: “Big news, folks: The Bipartisan Infrastructure Deal has officially passed the Senate. I hope Congress will send it to my desk as soon as possible so we can continue our work of building back better.” Biden had been highlighting the nations need for the trillion-dollar infusion on Twitter in the hours leading up to the vote. The sweeping bill is expected to support several sectors, including tech and automotive while also benefiting individual states. 10.15am: Stocks contradict predictions US stocks rose at the open, recovering after Monday's falls in spite of cautious predictions as investors await clues from Federal Reserve officials about plans to ease stimulus measures. After three-quarters of an hour of trading, the Dow Jones Industrial Average was up 111 points, or 0.3% at 35,213, while the broader S&P 500 added 0.2%, and the tech-laden Nasdaq Composite edged 0.1% higher. Craig Erlam, senior market analyst at OANDA Europe commented: "There's been a lot to take in these last few weeks; major earnings, a hawkish Fed and some knockout economic readings. Everything it seems is now pointing towards the Fed tapering its asset purchases in the coming months, with delta the only things potentially standing in its way as it spreads across the US (and many other countries). "With tapering now so heavily priced in and an announcement in September so widely expected, it just becomes a question of whether the economy can sustain its momentum and keep Covid at bay. Which, in turn, impacts the pace it will allow the central bank to taper and the timing of the first-rate hike." He added: "The Jackson Hole event later in the month is the ideal opportunity to learn more and, arguably, the perfect platform for Chairman Jerome Powell to lay the groundwork for a September announcement. We are hearing from various policymakers on a daily basis and there seems to be an increasingly broad agreement on what's needed. Charles Evans is up next today and typically aligns more with the doves on the committee, having previously urged patience. I wonder whether recent data will make him more open to tapering in September." 6.45am: Cautious start predicted US stocks look likely to remain cautious on Tuesday as investors await clues from Federal Reserve officials about plans to ease stimulus measures following stronger than expected US jobs data last Friday. Futures for the Dow Jones Industrial Average moved around small gains and losses, while S&P 500 futures inched up less than 0.1%, and Nasdaq-100 futures edged 0.1% higher. Separate speeches from the Fed’s Loretta Mester and Charles Evans later on Tuesday will be eyed by investors for clues on when the officials expect the central bank to begin tapering its economic support. On commodity markets, oil prices recovered a touch after slumping Monday amid fears that the spreading coronavirus (COVID-19) Delta variant could weigh on demand. Meanwhile, gold prices gained 0.5% after a roller-coaster performance in the previous session. Earnings are expected first thing Tuesday from the likes of Aramark, Sysco (NYSE:SYY) and Eastman Kodak, while cryptocurrency exchange Coinbase Global and software company McAfee are set to release earnings after the market close. In after-hours trading on Monday, AMC Entertainment Holdings (NYSE:AMC) rose after it said it was planning changes to make its theaters more appealing to younger patrons, including accepting bitcoin.  Six things to watch on Tuesday: Two Federal Reserve officials said on Monday that the US economy is growing rapidly and that while the labor market still has room for improvement, inflation is already at a level that could satisfy one leg of a key test for the beginning of interest rate hikes. Amazon.com Inc said it would pay customers who suffer injuries or property damage from defective goods others sell on its US platform, in a new policy that could reduce litigation. Japan's SoftBank Group Corp's Vision Fund unit posted a first-quarter profit of 236 billion yen ($2.14 billion) after gains from listing portfolio companies were offset by falling shares in firms like e-retailer Coupang Inc. Bayer has lost a third appeal against US court verdicts that awarded damages to customers blaming their cancers on use of its glyphosate-based weedkillers, leaving the German drugs and pesticides group to pin hopes for legal relief on the US Supreme Court. Indian oil-to-telecoms conglomerate Reliance Industries Ltd said it would invest $144 million in US energy storage company Ambri Inc, along with billionaire Bill Gates, investment management firm Paulson & Co and others. Small business owners across the United States grew less confident in the economic recovery in July as labor shortages remained an issue, according to a survey released on Tuesday.