Summary:
S&P 500 and Dow reach new record highs amid bullish sentiment.
Bitcoin rallies 4.5%, surpassing $65,000, boosting crypto stocks.
Nasdaq 100 lags, still 1% below its all-time high.
U.S. Treasury yields rise, signaling market shifts.
Commodities decline due to China’s stimulus uncertainty.
Both the S&P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key corporate earnings reports later this week.
The S&P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of the bull market’s start.
However, the Nasdaq 100 is still lagging, gaining 0.7% on the day but remaining about 1% below its all-time high set on July 10.
Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.
Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.
Commodities were the weakest asset class, weighed down by uncertainty over China’s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC’s weakening demand outlook dampened sentiment.
Chinese equities, tracked by the iShares MSCI China ETF (MCHI), declined 1.1%.
In the crypto space, Bitcoin (BTC/USD) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg | |--------------------------------------|-----------|-------------| | S&P 500 | 5,857.62 | 0.7% | | Nasdaq 100 | 20,409.65 | 0.7% | | Russell 2000 | 2,245.80 | 0.6% | | Dow Jones | 43,027.29 | 0.4% |
Updated at 12:30 p.m. ET
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (SPY) rose 0.7% to $583.72.
- The SPDR Dow Jones Industrial Average (DIA) rose 0.4% to $430.59.
- The tech-heavy Invesco QQQ Trust Series (QQQ) rallied 0.8% to $497.15.
- The iShares Russell 2000 ETF (IWM) rose 0.6% to $222.52.
- The Technology Select Sector SPDR Fund (XLK) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (XKE) lagged, down 0.3%.
Monday’s Stock Movers
- Vistra Corp. (VST) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.
- Wells Fargo & Co. (WFC) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75.
- SoFi Technologies Inc. (SOFI) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.
- Upstart Holdings Inc. (UPST) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.
- Coinbase Global Inc. (COIN), CleanSpark Inc. (CLSK), and MARA Holdings Inc. (MARA) rallied 7.7%, 7.3%, and 5.4%, respectively, on the heels of Bitcoin’s rally.
Comments