Stock Market Today: Rally heads into third day; Nasdaq 100 touches year high

Updated: 10:25 a.m. EDT

Tech stocks lead market higher; Tesla off

Tech stocks were driving the market averages higher in early trading Wednesday.

The Nasdaq 100 Index hit a 52-week high of 22,329 but faded to 22,258, up 67 points. The Nasdaq Composite had risen 68 points to 19,980.

Health-care company Grail GRAL, chip giant Nvidia  (NVDA)  and bitcoin specialist MicroStrategy  (MSTR) were the Nasdaq 100 leaders. 

The Standard & Poor's 500 Index added nearly 6 points to 6,098. The index nearly broke its 52-week high of 6,147 on Tuesday when the market enjoyed a stupendous rally on the news of the U.S. attack on Iran's nuclear facilities . 

The Dow Jones Industrial Average slipped 58 points to 43030.

Some profit-taking was probably in order after Tuesday, when the Dow finished with a 507-point gain.

Oil prices were higher, and bond yields moved higher. The 10-year Treasury yield was at 4.325%, up from Tuesday's 4.296%.

Tesla  (TSLA)  shares were down 5% at $321 as sales in Europe continued to slump. Tesla's new-car registrations fell more than 40% in May, The Wall Street Journal reported, citing data from a European industry body.

Stock Market Today

Stocks were looking at continuing this week's rally even as oil prices and interest rates were moving higher.

Futures trading suggests the Standard & Poor's 500 Index will open higher by about 8 points, and the Nasdaq-100 Index was looking at a 75-point gain. Both indexes flirted with all-time highs on Tuesday when stocks enjoyed a stupendous rally. 

Futures trading in the Dow Jones Industrial Average suggest the blue chips will open down slightly.