US stock market: Another record closing for Nasdaq, S&P 500 a tech shares zoom

Stocks in the United States surged to record levels Monday, fuelled by robust gains in technology companies.

The S&P 500 advanced 0.8 per cent, climbing 41.63 points to a record 5,473.23, surpassing its previous all-time high set last Thursday. The Nasdaq Composite, known for its concentration of tech stocks, increased 1 per cent, adding 168.14 points to a new peak of 17,857.02. Meanwhile, the Dow Jones Industrial Average gained 0.5 per cent, or 188.94 points, closing at 38,778.10.

Market movers

Among the day’s biggest gainers was Autodesk, which surged 6.5 per cent after an investment firm announced plans to delay the software company’s annual meeting to nominate new board directors.

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

The semiconductor sector also performed well, with Broadcom rising nearly 5.5 per cent, Micron Technology up more than 4.5 per cent, and US-listed shares of Taiwan Semiconductor advancing over 2.5 per cent.

Apple shares climbed approximately 2 per cent, while Microsoft saw an uptick of over 1 per cent, both rebounding from earlier declines.

Nvidia, however, fell over 0.5 per cent, pulling back from its recent record high.

GameStop shares dropped 12.1 per cent following its annual shareholder meeting, marking one of the day’s significant decliners.

Impact Shorts

More Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

Bond market dynamics

In the bond market, the yield on the 10-year Treasury note increased to 4.28 per cent from 4.22 per cent late Friday. The two-year Treasury yield, which is more sensitive to Federal Reserve policy expectations, rose to 4.76 per cent from 4.71 per cent.

Economic indicators and outlook

This week is light on major economic reports, with Tuesday’s data on consumer spending at US retailers and Friday’s preliminary assessment of U.S. business activity being notable exceptions.

A report on Monday indicated that manufacturing in New York state continues to contract, though the decline was less severe than economists anticipated. Manufacturing remains one of the sectors most adversely affected by the Federal Reserve’s efforts to maintain its main interest rate at the highest level in over two decades.

The Fed aims to keep rates elevated long enough to temper economic growth and curb inflation, while also seeking to lower rates before the slowdown escalates into a severe recession.

With inputs from agencies