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

US stock futures 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) hovered around the flatline after the index notched a “perfect” week in Friday’s session with its fifth straight record close. The S&P 500 (^GSPC) dipped 0.1%, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

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.

Live2 updates

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.