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Nasdaq Reaches New Record Closing High But Dow Gives Back Ground

|   Markets

 

WASHINGTON (dpa-AFX) - After an early advance, the major U.S. stock indexes moved in opposite directions over the course of the trading session on Monday.

The tech-heavy Nasdaq added to last week's strong gains, reaching a new record closing high, while the Dow gave back ground after closing above 40,000 for the first time last Friday.

The Nasdaq ended the day up 108.91 points or 0.7 percent at 16,794.87. The S&P 500 also crept up 4.86 points or 0.1 percent to 5,308.13, but the Dow fell 196.82 points or 0.5 percent at 39,806.77.

The advance by the Nasdaq reflected strength in the tech sector, with semiconductor stocks turning in a particularly strong performance on the day.

Reflecting the strength among semiconductor stocks, the Philadelphia Semiconductor Index jumped by 2.2 percent to a two-month closing high.

Chipmaker Micron Technology (MU) helped lead the way higher, surging by 3.0 percent after Morgan Stanley upgraded its rating on the company's stock to Equal Weight from Underweight.

Ai darling Nvidia (NVDA) also shot up by 2.5 percent ahead of the release of its fiscal first quarter results after the close of trading on Wednesday.

Gold stocks also saw notable strength on the day, as the price of the precious metal reached a new record high, while banking stocks and telecom stocks moved to the downside.

A steep drop by shares of JPMorgan Chase (JPM) weighed on the Dow, with the financial giant tumbling by 4.5 percent after ending last Friday's trading at a record closing high.

The pullback by JPMorgan came after CEO Jamie Dimon implied during remarks at the company's annual investor day that he may retire in fewer than five years.

Overall trading remained somewhat subdued, however, as traders seemed reluctant to make more significant bets amid a lack of major U.S. economic data on the day.

The economic calendar remains relatively quiet throughout the week, although reports on durable goods orders and new and existing home sales may attract some attention along with the minutes of the latest Fed meeting.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index rose by 0.5 percent.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.4 percent.

In the bond market, treasuries saw modest weakness, extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up 1.7 basis points to 4.437 percent.

Looking Ahead

Amid another quiet day in terms of U.S. economic data, trading on Tuesday may be impacted by reaction to remarks by several Fed officials.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Nasdaq Reaches New Record Closing High But Dow Gives Back Ground

|   Markets

 

WASHINGTON (dpa-AFX) - After an early advance, the major U.S. stock indexes moved in opposite directions over the course of the trading session on Monday.

The tech-heavy Nasdaq added to last week's strong gains, reaching a new record closing high, while the Dow gave back ground after closing above 40,000 for the first time last Friday.

The Nasdaq ended the day up 108.91 points or 0.7 percent at 16,794.87. The S&P 500 also crept up 4.86 points or 0.1 percent to 5,308.13, but the Dow fell 196.82 points or 0.5 percent at 39,806.77.

The advance by the Nasdaq reflected strength in the tech sector, with semiconductor stocks turning in a particularly strong performance on the day.

Reflecting the strength among semiconductor stocks, the Philadelphia Semiconductor Index jumped by 2.2 percent to a two-month closing high.

Chipmaker Micron Technology (MU) helped lead the way higher, surging by 3.0 percent after Morgan Stanley upgraded its rating on the company's stock to Equal Weight from Underweight.

Ai darling Nvidia (NVDA) also shot up by 2.5 percent ahead of the release of its fiscal first quarter results after the close of trading on Wednesday.

Gold stocks also saw notable strength on the day, as the price of the precious metal reached a new record high, while banking stocks and telecom stocks moved to the downside.

A steep drop by shares of JPMorgan Chase (JPM) weighed on the Dow, with the financial giant tumbling by 4.5 percent after ending last Friday's trading at a record closing high.

The pullback by JPMorgan came after CEO Jamie Dimon implied during remarks at the company's annual investor day that he may retire in fewer than five years.

Overall trading remained somewhat subdued, however, as traders seemed reluctant to make more significant bets amid a lack of major U.S. economic data on the day.

The economic calendar remains relatively quiet throughout the week, although reports on durable goods orders and new and existing home sales may attract some attention along with the minutes of the latest Fed meeting.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index rose by 0.5 percent.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.4 percent.

In the bond market, treasuries saw modest weakness, extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up 1.7 basis points to 4.437 percent.

Looking Ahead

Amid another quiet day in terms of U.S. economic data, trading on Tuesday may be impacted by reaction to remarks by several Fed officials.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

Nasdaq Reaches New Record Closing High But Dow Gives Back Ground

|   Markets

 

WASHINGTON (dpa-AFX) - After an early advance, the major U.S. stock indexes moved in opposite directions over the course of the trading session on Monday.

The tech-heavy Nasdaq added to last week's strong gains, reaching a new record closing high, while the Dow gave back ground after closing above 40,000 for the first time last Friday.

The Nasdaq ended the day up 108.91 points or 0.7 percent at 16,794.87. The S&P 500 also crept up 4.86 points or 0.1 percent to 5,308.13, but the Dow fell 196.82 points or 0.5 percent at 39,806.77.

The advance by the Nasdaq reflected strength in the tech sector, with semiconductor stocks turning in a particularly strong performance on the day.

Reflecting the strength among semiconductor stocks, the Philadelphia Semiconductor Index jumped by 2.2 percent to a two-month closing high.

Chipmaker Micron Technology (MU) helped lead the way higher, surging by 3.0 percent after Morgan Stanley upgraded its rating on the company's stock to Equal Weight from Underweight.

Ai darling Nvidia (NVDA) also shot up by 2.5 percent ahead of the release of its fiscal first quarter results after the close of trading on Wednesday.

Gold stocks also saw notable strength on the day, as the price of the precious metal reached a new record high, while banking stocks and telecom stocks moved to the downside.

A steep drop by shares of JPMorgan Chase (JPM) weighed on the Dow, with the financial giant tumbling by 4.5 percent after ending last Friday's trading at a record closing high.

The pullback by JPMorgan came after CEO Jamie Dimon implied during remarks at the company's annual investor day that he may retire in fewer than five years.

Overall trading remained somewhat subdued, however, as traders seemed reluctant to make more significant bets amid a lack of major U.S. economic data on the day.

The economic calendar remains relatively quiet throughout the week, although reports on durable goods orders and new and existing home sales may attract some attention along with the minutes of the latest Fed meeting.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan's Nikkei 225 Index advanced by 0.7 percent, while China's Shanghai Composite Index rose by 0.5 percent.

The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.4 percent.

In the bond market, treasuries saw modest weakness, extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up 1.7 basis points to 4.437 percent.

Looking Ahead

Amid another quiet day in terms of U.S. economic data, trading on Tuesday may be impacted by reaction to remarks by several Fed officials.

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX

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