S&P 500 up, Nasdaq at record high as megacap tech stocks rise
The benchmark S&P 500 rose and the Nasdaq reached all-time highs on Monday as most megacap and growth stocks advanced, though risk sentiment remained in check as Treasury yields held near multi-year highs. Heavyweight tech stocks took the lead, with Nvidia rising 1.2 percent, hovering close to its record high hit in the previous session. Meta Platforms, Microsoft and Tesla were up between 1.6…
The S&P 500 and Nasdaq both reached record highs on Monday as leading megacap and growth stocks surged. However, investor sentiment remained cautious as Treasury yields remained close to multi-year peaks. Major tech companies led the rally, with Nvidia gaining 1.2 percent and hovering near its previous session's record high. Meta Platforms, Microsoft, and Tesla also saw gains ranging from 1.6 percent to 2.4 percent.
Of the 11 sectors within the S&P 500, ten were in the black, with communication services and energy taking the lead. Real estate was the only sector to lag. Analyst Dennis Dick noted that the AI and tech narrative continues to propel the market, despite headwinds from higher interest rates. Chip stocks, however, faced a slight downturn, while software-related companies led the top gainers.
The S&P 500's software & services index climbed 1.2 percent, with PTC leading the pack at a remarkable 34 percent after French firm Schneider Electric agreed to acquire it for $22.6 billion.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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