The Nasdaq Composite closed at a fresh record high on Monday, with the S&P 500 up 0.7% and the Dow adding 0.2%, as earnings optimism and falling oil prices offset rising bond yields. Nvidia gained 2% to a new record, pushing its market cap close to $6 trillion, while Treasury yields closed at their highest levels in over two decades.
The Nasdaq climbed 1% to a fresh high on Monday, with earnings optimism and lower oil prices offsetting rising bond yields. The S&P 500 added 0.7% and the Dow Jones Industrial Average rose 0.2%.
Every sector gains but real estate
Every sector on the S&P 500 rose on Monday except real estate, with communications services and materials each up 1.2%. Nvidia led the advance, gaining 2% to a new record high as its market cap closed in on $6 trillion.
Bond yields hit multi-decade highs
However, the rally came alongside pressure in fixed income. The 10-year and 30-year Treasury yields closed at their highest levels in over two decades. Elsewhere, oil fell 2%, while gold stayed little changed above $4,100 an ounce.
A 10,000 milestone in view
Reuters columnist Jamie McGeever wrote in his daily column that traders may soon start asking when the S&P 500 could reach 10,000, a level he put at only 30% from current levels. He added that if third-quarter earnings run as strong as the second quarter did, the milestone would suddenly not feel too far away. The column reflects the author's own view, not a Reuters forecast.
Source: Economy News
Trading involves risk.
Risk Disclaimer
