S&P 500, Nasdaq, Dow Jones Strike All-Time Highs Ahead Of Key Earnings This Week: What's Driving Markets Monday?
Benzinga
Published Jan 22, 2024 18:34
Updated Jan 22, 2024 19:40
S&P 500, Nasdaq, Dow Jones Strike All-Time Highs Ahead Of Key Earnings This Week: What's Driving Markets Monday?
Benzinga - by Piero Cingari, Benzinga Staff Writer.
Following a record-breaking week for the S&P 500, U.S. stocks continue to be on the rise as investors eagerly await this week’s key earnings reports with optimism.
On Monday, the S&P 500 reached 4,850 points, the Nasdaq 100 climbed to 17,365 and the Dow Jones briefly touched a record-breaking 38,000 points, with all major U.S. averages simultaneously trading at all-time peaks.
Small caps, as tracked by the iShares Russell 2000 ETF (NYSE:IWM) rose 1.7%, outperforming major indices.
The dollar held steady, while Treasury yields slightly eased, providing relief to the bond market. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.6%.
Gold edged down 0.3%, while oil soared by over 2%, on track to close at the highest level since late December.
Bitcoin tumbled by over 2%, eyeing the lowest level since early December.
Monday’s Performance In US Major Indices, ETFs/h2
| Russell 2000 | 1,973.68 | 1.6% |
| Dow Jones | 37,986.40 | 0.3% |
| S&P 500 | 4,854.84 | 0.3% |
| Nasdaq 100 | 17,362.66 | 0.3% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.3% to $483.78, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.3% to $378.86 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was trading 0.3% higher to $422.35, according to Benzinga Pro data.
Sector-wise, the Industrials Select Sector Fund (NYSE:XLI) slightly outperformed, up 0.7%. The Utilities Select Sector Fund (NYSE:XLU) continued to lag behind, down 0.7%.
Monday’s Stock Movers/h2
- Advanced Micro Devices Inc. (NASDAQ:AMD) fell 3.8%, after Northland Capital Market downgraded AMD from Outperform to Market Perform.
- Tesla Inc. (NASDAQ:TSLA) fell 1.5%, after a Morgan Stanley’s note revealed a “stalling” global electric vehicle outlook in 2024.
- Archer Daniels Midland Co. (NYSE:ADM) tumbled by 22% following the announcement that the agribusiness giant had placed its chief financial officer on administrative leave due to an ongoing investigation into accounting practices within its nutrition segment.
- Gilead Sciences Inc. (NASDAQ:GILD) saw a significant drop of more than 10% in its stock price following the company’s disclosure that the Phase 3 Trial of Trodelvy in lung cancer did not achieve its primary objective.
- Western Digital Corp. (NYSE:WDC) rose by more than 5%, marking the top performance in the S&P 500, after the company announced plans to separate its hard disk drive and flash businesses by the second half of this year. This move, as indicated in a report by Morgan Stanley on Monday, is expected to unlock significant value for the company.
US Mega-Cap Stocks Reporting This Week/h2
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| 2024-01-25 | After Market Close | Intel Corporation (NASDAQ:INTC) |
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Read now: Nvidia, AMD To Triumph Over Q4 Market Weakness With Cutting-Edge AI, Says Analyst: What To Expect From The Chipmakers
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