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S&P 500, Nasdaq eke out fresh records with Powell on deck

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U.S. stocks rose on Monday, kicking off a crucial week that could provide important signals on the direction of near-term interest rates.

The S&P 500 (^GSPC) rose 0.1% and the tech-heavy Nasdaq Composite Index (^IXIC) rose 0.3%, with each index hitting a new record. The Dow Jones Industrial Average (^DJI) lost 0.1%, erasing the previous day’s gains.

The S&P and Nasdaq both hit records on Friday after the jobs report suggested the labor market continued to cool, sparking a surge in bets that the Federal Reserve will cut interest rates in September, with roughly three in four traders now expecting a cut in September. According to the CME FedWatch tool:.

Events this week could give further impetus to cut rates. Fed Chairman Jerome Powell is scheduled to give his semi-annual testimony before Congress on Tuesday and Wednesday, followed by the release of the latest Consumer Price Index on Thursday. Economists expect headline inflation to have risen 3.1% from last year, matching the CPI’s lowest level at the beginning of the year.

In the corporate sector, Boeing (BA) pleaded guilty to conspiracy charges in connection with the two deadly crashes of its 737 Max planes. Its shares rose less than 1%.

Meanwhile, electric vehicle giant Tesla (TSLA) shares erased their opening losses and turned positive after recording their ninth consecutive day of gains, closing up 0.5%.

live11 updates

  • S&P 500, Nasdaq hit new records

    The S&P 500 and Nasdaq Composite Indexes rose modestly on Monday to close at new records as investors await this week’s key inflation figures and earnings season kicks off again with JPMorgan Chase (JPM) and Wells Fargo (WFC) reporting quarterly results on Friday.

    The Nasdaq Composite Index (^IXIC) rose nearly 0.3% after hitting an all-time high last Friday. The S&P 500 (^GSPC) also rose 0.1%, while the Dow Jones Industrial Average (^DJI) was just below flat.

    Chip stocks had a strong session on Monday, with Nvidia (NVDA), AMD (AMD) and Intel (INTC) all closing higher.

    The consumer price index is due to be released before the market opens on Thursday.

    “We expect June CPI to weaken, strengthening confidence in the Fed’s disinflationary stance,” analysts at Bank of America Global Research wrote on Monday.

  • Monday’s trending stocks

    Boeing (BA)

    The company is expected to plead guilty to fraud charges related to the deadly 737 Max crashes in 2018 and 2019. Boeing shares rose as much as 2% on Monday before paring gains.

    Nicola (NKLA)

    Nikola shares rose more than 20% on Monday, making it the No. 2 stock on Yahoo Finance’s trending ticker list. The company’s shares have risen more than 35% over the past five trading sessions.

    Shares in electric commercial vehicle startups soared last Tuesday. Announced Wholesale 72 Class 8 Nikola Hydrogen Fuel Cell TruckThis exceeded the upper limit of the truck sales target of 60 units.

    Super Microcomputer (SMCI)

    AI stocks such as Supermicro Computer rose on Monday as the chip sector performed well. SMCI rose 7% during trading hours. The company’s shares are up more than 215% this year.

  • Nasdaq rises on strong performance of semiconductor stocks

    Semiconductor stocks were strong in Monday trading, with the iShares Semiconductor ETF (SOXX) rising more than 1.5%.

    Among the biggest gainers were Nvidia (NVDA), up 2%, AMD (AMD) jumping 3% and Intel (INTC), up about 5%.

    Chip makers also helped keep the Nasdaq Composite Index (^IXIC) in positive territory on Monday afternoon, while the Dow Jones Industrial Average (^DJI) was down slightly and the S&P 500 Index (^GSPC) was flat.

  • Bitcoin remains near $56,000

    Bitcoin (BTC-USD) was hovering around $56,000 per token as of Monday afternoon, after cryptocurrencies fell over the past week on concerns of a sell-off as shuttered crypto exchange Mt. Gox begins paying off creditors.

    The German government’s sudden sale of a large amount of Bitcoin may have also put downward pressure on Bitcoin.

    The digital token has fallen as much as 5% over the past 24 hours to just below $55,000, down about $19,000 from its March high.

  • Paramount shares fall after Skydance merger agreement

    Yahoo Finance’s Alexandra Canal reports:

    Paramount shares (PARA) fell on Monday following the announcement made by the entertainment giant. Plans to merge with Skydance Media The deal marks the end of the Redstone family’s control over the company.

    The agreement, announced late Sunday, comes after years of deal speculation surrounding Paramount, which Shari Redstone controls through her family’s holding company, National Amusements Inc. (NAI).

    In midday trading the following day, Paramount shares were down about 3% as investors digested the terms of the new deal, which includes Skydance first acquiring NAI (and Redstone’s shares) for $2.4 billion in cash before completing the full merger.

    National Amusements owns about 10% of Paramount’s equity value and holds 77% of the voting stock worth about $1 billion.

    Please see here for the detail.

  • Dow loses momentum, S&P 500 falters

    By mid-session trading on Monday, stocks had lost steam, with the S&P 500 (^GSPC) dropping to just below the flat line.

    The Dow Jones Industrial Average (^DJI) fell more than 200 points, down about 0.2%.

    Semiconductor stocks helped the Nasdaq Composite Index (^IXIC) hold modest gains, with shares of Nvidia (NVDA), Broadcom (AVGO) and Intel (INTC) all rising more than 2% on Monday.

  • NVIDIA rises 2% as analysts raise stock target

    Shares of AI chip giant NVIDIA (NVDA) rose more than 2% on Monday after several Wall Street analysts raised their price targets for the company.

    UBS raised its price target on the stock to $150 from $120, while Wolfe Research also raised its forecast to $150 from $125.

    Nvidia’s shares are up nearly 160% this year, after the Santa Clara, California-based company closed at an all-time high of $135.58 a share on June 18.

  • Tesla shares looking to extend stunning eight-day rally

    Shares of electric vehicle giant Tesla Inc. (TSLA) moved into upward territory after opening in the red as the stock tried to extend an eight-day rally that saw the stock surge about 37%.

    The company’s stock has continued its winning streak, erasing its losses so far this year in surprisingly little time: The stock is up more than 75% since hitting a 52-week low in April.

    Tesla shares were slightly above flat as of 10:45 a.m. ET.

  • Intel and Boeing shares rise, Dow rises 200 points

    The Dow Jones Industrial Average (^DJI) rose more than 200 points, or 0.6%, on Monday. The blue-chip index was led by gains in Intel (INTC) and Boeing (BA), which rose by more than 5% and 2%, respectively.

    Boeing shares rose after the plane maker pleaded guilty to conspiracy charges in connection with the two deadly crashes of its 737 Max aircraft.

    Intel shares also surged after Melius Research highlighted that the chipmaker is set to benefit from the AI ​​craze later this year as investors turn to underperforming tech names in the semiconductor sector.

    Intel shares have fallen more than 30% since the beginning of the year.

  • Stocks edge higher this week ahead of key inflation data release, with S&P 500 and Nasdaq on track for new records

    Stocks were up modestly on Monday, with the S&P 500 (^GSPC) up 0.1%. The tech-heavy Nasdaq Composite Index (^IXIC) edged up just above flat after the indexes closed at all-time highs on Friday.

    The Dow Jones Industrial Average (^DJI) rose about 0.2%.

    Stocks were looking to extend records gained after Friday’s jobs report suggested the labor market continued to cool.

    More key data is due to be released this week, with the Consumer Price Index due to be released on Thursday.

    “We expect June CPI to weaken, strengthening confidence in the Fed’s disinflationary stance,” analysts at Bank of America Global Research wrote on Monday.

    Markets will also be watching to see whether Fed Chairman Jerome Powell offers any clues about the central bank’s next moves when he gives his semi-annual testimony before Congress on Tuesday and Wednesday.

  • Disney viewing

    Keep an eye on Disney (DIS) stock this morning after some big projections were released by JPMorgan.

    Analyst David Karnofsky raised his estimate for Disney’s full-year operating profit to 20.5% growth from last year. He sees earnings per share growing 25%.

    “The reason we have raised our expectations is because of the very strong box office performance of Inside Out 2, which grossed over $1 billion worldwide in the quarter. The film is a positive indicator of the studio’s creative direction, and we believe investors still want to see original IP come to fruition, especially with so many animated sequels planned,” Karnofsky said.

    It’s worth noting that Disney shares are down 16% over the past three months.



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