Stocks surged Monday morning, led by gains for Nvidia and other technology stocks, as the market looks to extend a rally that has pushed major indexes to record highs.
The S&P 500 and Dow Jones Industrial Average were up 0.7% and 0.1%, respectively, both trading at all-time highs, while the Nasdaq Composite added 1% and was nearing a record of its own. Major indexes, which are riding five-week winning streaks, closed higher on on Friday as investors reacted to strong earnings reports from large banks and an encouraging report on inflation.
It’s a federal holiday in the U.S. on Monday, which means that government offices, banks and the bond market are closed. The stock market is open and functioning normally today, though there’s nothing of note on the earnings or economic data release calendars. A slew of earnings reports from closely followed companies, as well as key economic data releases, are scheduled for the coming days.
Large-cap technology stocks were up across the board in early trading Monday, led by a 3% gain for AI investor favorite Nvidia (NVDA), which was trading near its record high. Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Meta Platforms (META), Alphabet (GOOGL) and Broadcom (AVGO) were all gaining ground.
Shares in Boeing (BA) were down more than 2% after the airplane maker announced a slew of cost-cutting measures late Friday, including cutting about 10% of its workforce, or 17,000 jobs, and postponing the launch of its first 777x jetliner. Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter.
Crypto-tied stocks were gaining ground as bitcoin (BTCUSD) jumped to above $65,000 for the first time this month. MicroStrategy (MSTR), a software company with sizable bitcoin holdings, was up 4%, while cryptocurrency exchange Coinbase (COIN) was up 8% and bitcoin miner Marathon Digital Holdings (MARA) added nearly 10%.
Crude oil futures, which have been volatile in recent weeks amid concerns that an escalation of conflict in the Middle East could disrupt global oil supplies, were down 2%. Gold futures were little changed at around $2,670 an ounce.
S&P 500, Dow Start the Week at Record Highs
1 hr 35 min ago
The Dow Jones Industrial Average and S&P 500 kicked off the week at record-high levels, while the Nasdaq started trading Monday 1.7% away from its all-time high set in July.
Coming into the week, the S&P 500 and Nasdaq have each gained 22% in 2024.
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Futures Point to Mixed Open for Major Indexes
2 hr 45 min ago
Futures tied to the Dow Jones Industrial Average were down 0.2%.
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S&P 500 futures were up 0.2%.
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Nasdaq 100 futures were up 0.3%.
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