Here's what happened to the stock market on Tuesday

People walk outside of the New York Stock Exchange.
Spencer Platt | Getty Images

S&P 500 rises, Dow Jones Industrial Average falls 66 points

The Dow dropped 66.84 points, or 0.2%, to 27,778.07. However, the S&P 500 climbed 0.2% to a record high of 3,389.78. The Nasdaq Composite advanced 0.7% to 11,210.84. The S&P 500 broke out to an all-time high, completing its recovery from the coronavirus sell-off.

Record high for S&P 500

The S&P 500's move into record territory came after more than a week of flirting with the milestone. "There has been a lot of good news seemingly validating" this move higher, said Andrew Slimmon, managing director at Morgan Stanley Investment Management. However, Slimmon added the market is currently "very vulnerable to some type of bad news," citing the S&P 500's narrow leadership on toward the record high.

Amazon leads rest of FAANGM higher

Amazon shares popped more than 4% to lead other major tech names higher. Alphabet advanced 2.6% and Facebook closed 0.5% higher. Apple and Microsoft each rose more than 0.5% and Netflix gained 2%.

What happens next?

The minutes from the Federal Reserve's meeting in July are set for release on Wednesday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.