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Stock market today: S&P 500, Nasdaq hit new record highs as Wall Street gets bullish

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6 months ago

June 17, 2024

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Stock market today: S&P 500, Nasdaq hit new record highs as Wall Street gets bullish

US stocks held near record-high levels Monday ahead of a holiday-shortened trading week as Wall Street wondered if the bull rally that has roared through 2024 has more room to run.

The tech-heavy Nasdaq Composite (^IXIC) rose 0.6% after the index notched a “perfect” week in Friday’s session with its fifth straight record close. The S&P 500 (^GSPC) gained 0.5%, while the Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.2%.

Stocks have continued ripping higher as a tech-fueled rally has led Wall Street to revise its year-ahead targets for the S&P 500. Evercore ISI boosted its year-end price target to 6,000, while Goldman Sachs upped its target to 5,600. The benchmark index topped 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 are set to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.

Fed policymakers will likely pick up their chatter after last week’s decision. Minneapolis Fed president Neel Kashkari on Sunday hinted that a December rate cut could be the Fed’s only move this year. Investors are pricing in around a two-thirds chance that the central bank begins its cuts by September, according to the CME FedWatch tool. The New York Fed’s John Williams and the Philadelphia Fed’s Patrick Harker are slated for appearances on Monday.

Live5 updates

Mon, June 17, 2024 at 6:54 PM GMT+2

S&P 500, Nasdaq extend session gains to hit new highs

The major averages were all higher on Monday with the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) touching fresh intraday highs.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.3%.

Technology and Consumer Discretionary stocks outperformed as shares of Apple (APPL), Tesla (TSLA) and chipmaker Broadcom (AVGO) led the gains.
Mon, June 17, 2024 at 6:00 PM GMT+2

Oil prices rise as market expects summer demand to keep supply tight

Oil future rose roughly 1% on Monday, building on last week’s gains following a sell-off earlier this month.

On Monday, West Texas Intermediate (CL=F) was trading just over $79.50 per barrel, adding to a gain of roughly 4% last week.

Brent (BZ=F), the international benchmark price, hovered above $83.50 per barrel on Monday.

Futures pulled back earlier this month after oil alliance OPEC+ announced it would extend its production cuts into 2025 but some of its voluntary reductions would begin to phase out starting in October.

Prices ticked higher last week on expectations that summer demand for transportation and cooling would keep supply tight.

Goldman Sachs analysts recently forecast Brent crude prices will rise to $86 per barrel later this summer.
Mon, June 17, 2024 at 5:20 PM GMT+2

Major averages turn green as Nasdaq, S&P 500 hover near records

The major averages all turned green mid-morning.

The Nasdaq Composite (^IXIC) which had been positive most of the session, gained almost 0.2% while the S&P 500 (^GSPC) rose 0.1%. The Nasdaq and S&P 500 closed at record highs last week.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise above the flatline.
Mon, June 17, 2024 at 4:15 PM GMT+2

Nvidia touches new record while rest of the market is little changed

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

The stock gained almost 1% as the rest of the market was muted. Nvidia is up more than 170% year-to-date.

Nvidia has by far outperformed the rest of the ‘Magnificent Seven’ stocks and the Nasdaq 100 (^NDX) components.
Mon, June 17, 2024 at 3:32 PM GMT+2

Stocks little changed to kick off shortened trading week

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

The Nasdaq Composite (^IXIC) gained almost 0.1% after the tech-heavy index notched five straight sessions of record closes 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 has been inching higher despite investors’ scaled-back expectations on rate cuts in 2024. The market now anticipates the Federal Reserve will cut rates just one time this year following the central bank’s latest policy meeting last week.

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