S&P 500 and Nasdaq hold near record highs as Wall Street turns bullish

Lina Portman3 weeks ago

0 2 minutes read

U.S. stocks held at record highs Monday ahead of a holiday-shortened trading week, as Wall Street questioned whether the bull rally that roared into 2024 had more room to run.

The tech-heavy Nasdaq Composite Index (^IXIC) rose 0.1% after the index posted a “perfect” week in Friday's session with its fifth consecutive record close. The S&P 500 (^GSPC) gained 0.1%, while the Dow Jones Industrial Average (^DJI) erased earlier losses to hold the line flat.

Stocks continued to climb as a tech-fueled rally led Wall Street to revise its targets for the coming year for the S&P 500. Evercore ISI raised its year-end price target to 6,000 , while Goldman Sachs raised its target to 5,600. The benchmark index surpassed the 5,400 level for the first time last week.

With last week's double dose of inflation reports and the Federal Reserve meeting behind markets, fewer catalysts should greet investors this week. The highlight will be Wednesday's retail sales report, which provides insight into the health of the American consumer.

Fed policymakers will likely resume their chatter after last week's decision. Minneapolis Fed President Neel Kashkari suggested Sunday that a December rate cut could be the only action the Fed takes this year. Investors estimate there is about a two-thirds chance the central bank will begin cuts by September, according to the CME FedWatch tool. John Williams of the New York Fed and Patrick Harker of the Philadelphia Fed are scheduled to appear Monday.

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Mon June 17, 2024 at 4:15 p.m. GMT+2

Nvidia hits new record while rest of market little changed

Nvidia (NVDA) hit new record highs on Monday, as the chip giant continues to lead the Nasdaq Composite (^IXIC) higher.

The stock gained nearly 1% while the rest of the market was silent. Nvidia is up more than 170% year to date.

Nvidia far outperformed the rest of the Magnificent Seven stocks and Nasdaq 100 (^NDX) constituents.
Mon June 17, 2024 at 3:32 p.m. GMT+2

Stocks little changed to kick off shortened trading week

Stocks were little changed Monday to kick off a holiday-shortened trading week.

The Nasdaq Composite (^IXIC) gained nearly 0.1% after the tech-heavy index posted five straight record closing sessions last week.

The S&P 500 (^GSPC) fell 0.1% after also hitting record highs last week, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

The stock market rose slightly despite investors' reduced expectations for rate cuts in 2024. The market now expects the Federal Reserve to cut rates only once this year, following the last central bank policy meeting last week.

Technology-related stocks continued to advance on Monday. Year to date, the S&P 500 Information Technology sector ETF (XLK) is up more than 18%, compared to the broader benchmark index's 13% gain.