Nasdaq hits record high as investors focus on earnings

On Monday, the Nasdaq reached an all-time high, propelled by Nvidia and Microsoft, as investors turned their attention to a decline in oil prices and anticipated quarterly earnings reports. This marked the Nasdaq's second consecutive intraday record high, following weaker-than-expected jobs data on Friday, which reduced expectations of an interest rate increase from the Federal Reserve during its upcoming policy meeting.

The S&P 500 also experienced a rise, nearing its intraday record high from August 13, though it remained 0.5 percent below that peak. Tech giants Nvidia and Microsoft saw gains of 1.6 percent and 1.5 percent, respectively. Meta Platforms and Tesla followed suit, increasing by 2.1 percent and 2.5 percent.

Oil prices experienced a drop due to higher crude exports from the Middle East and the Group of Seven nations' commitment to increase supplies. With a light economic data calendar and earnings just a week away, investors eagerly sought positive news, focusing on lower energy prices. Art Hogan, chief market strategist at B. Riley Wealth, explained that investors are grasping for any positive factors, and the current situation aligns with that objective.