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, with most megacap and growth stocks advancing. Nvidia led the charge, edging close to its previous session's record high, while Meta Platforms, Microsoft, and Tesla also saw gains between 1.6 percent and 2.4 percent. Ten of the 11 S&P 500 sectors were up, led by communication services and energy, while real estate lagged.
Dennis Dick, a market structure analyst at Triple D Trading, noted that the AI and tech story continues to drive the market despite the headwind from higher interest rates. Chip stocks were slightly weaker, with the Philadelphia chips index down 0.1 percent, while software-related companies were among the top gainers, with the S&P 500 software & services index rising 1.2 percent.
PTC was the top gainer on the S&P 500, surging 34 percent after Schneider Electric agreed to acquire the software firm in a $22.6 billion deal.
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