Stocks maintained an upward trajectory on Monday, extending the robust gains from last week. This movement has propelled the Nasdaq and the Dow to new record intraday highs.
At present, all major indices are in positive territory, led by the tech-centric Nasdaq. The Nasdaq has risen by 108.35 points or 0.7 percent, positioning it at 16,794.32. The S&P 500 has increased by 19.40 points or 0.4 percent, reaching 5,322.67, and the Dow has climbed 43.27 points or 0.1 percent, now standing at 40,046.86.
Technology stocks are notably strong performers today, as evidenced by the significant advance of the Nasdaq.
The semiconductor sector is also exhibiting substantial strength, with the Philadelphia Semiconductor Index jumping by 1.8 percent.
Leading the charge is Micron Technology (MU), which has surged by 3.9 percent following an upgrade of its stock rating by Morgan Stanley from Underweight to Equal Weight.
Nvidia (NVDA), a prominent player in AI technology, has also gained 2.3 percent ahead of its fiscal first-quarter results, which will be announced after the close of trading on Wednesday.
Commodities stocks are similarly showing resilience, though most other major sectors have registered more modest movements.
The absence of significant U.S. economic data today seems to have made traders cautious about making larger moves.
Despite a relatively quiet economic calendar for the week, reports on durable goods orders and new and existing home sales, along with the minutes from the latest Federal Reserve meeting, may garner some market attention.
In international markets, Asia-Pacific stocks mostly trended higher on Monday. Japan’s Nikkei 225 Index increased by 0.7 percent, while China’s Shanghai Composite Index rose by 0.5 percent.
European markets have also seen upward movement today. The U.K.’s FTSE 100 Index climbed by 0.1 percent, with Germany’s DAX Index and France’s CAC 40 Index both rising by 0.3 percent.
In the bond market, U.S. treasuries are continuing their pullback from the previous two sessions. Consequently, the yield on the benchmark ten-year note, which inversely moves with its price, has increased by 2.3 basis points to 4.443 percent.