In erratic, range-bound trading on Monday, the Nasdaq and S&P 500 saw gains as investors anticipated many impending catalysts, including Big Tech earnings, a Federal Reserve policy decision regarding interest rate reductions, and significant labour data. Although they were below the day’s highs, Nvidia, Apple, Alphabet, Amazon.com, Microsoft, and Meta Platforms were all flat to 1.2% up. The EV manufacturer’s stock was added to Morgan Stanley’s “top pick” list of U.S. autos, and Tesla was the top megacap gainer, rising 5%.
Combining Tesla’s gains with a 4% increase in McDonald’s following a beat in sales on its $5 meal deal, introduced in late June, the S&P 500 Consumer Discretionary index rose 0.9%, outperforming sectoral gainers.
The S&P 500 was up 13.41 points, or 0.25%, at 5,472.51, the Nasdaq Composite was up 58.40 points, or 0.34%, at 17,416.28, and the Dow Jones Industrial Average was down 2.65 points, or 0.01%, at 40,586.69 at 11:59 a.m. ET.
Investors will analyse the results of Microsoft, Meta, Apple, and Amazon.com beginning on Tuesday in a significant test of the markets to see if the AI-driven equity rally has more room to rise.
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