S&P 500 Extends Record Highs, Dow Breaks 43,000 Ahead Of Pivotal Earnings Week, Bitcoin's Rally Lifts Crypto Stocks: What's Driving Markets Monday?

Both the S&P 500 and the Dow Jones Industrial Average extended their record highs on Monday, reflecting continued bullish sentiment as investors anticipate key corporate earnings reports later this week.

The S&P 500 surged past 5,850 points during midday trading in New York, while the Dow Jones broke above the 43,000 mark for the first time. Wall Street celebrated the two-year anniversary of the bull market’s start.

However, the Nasdaq 100 is still lagging. It gained 0.7% on the day but remains about 1% below its all-time high set on July 10.

Small-cap stocks also advanced, with the Russell 2000 climbing 0.6%. Among sectors, utilities and technology led the gains, while semiconductors and homebuilders were the top-performing industries.

Despite no major economic data releases, U.S. Treasury yields edged higher, with the 10-year yield reaching 4.13%, its highest level since late July. The U.S. dollar also rose by 0.3%.

Commodities were the weakest asset class, weighed down by uncertainty over China’s stimulus measures. Gold, silver, and copper fell 0.4%, 1.2%, and 2%, respectively. Crude oil prices dropped 2.3% as OPEC’s weakening demand outlook dampened sentiment.

Chinese equities, tracked by the iShares MSCI China ETF (NYSE:MCHI), declined 1.1%.

In the crypto space, Bitcoin (CRYPTO: BTC) stood out as the best performer, rallying 4.5% to surpass $65,000. Other cryptocurrencies and crypto-linked stocks followed its lead.

Monday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% to $583.72.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.4% to $430.59.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rallied 0.8% to $497.15.
• The iShares Russell 2000 ETF (NYSE:IWM) rose 0.6% to $222.52.
• The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up 1.2%. The Energy Select Sector SPDR Fund (NYSE:XKE) lagged, down 0.3%.

Monday’s Stock Movers

• Vistra Corp. (NYSE:VST) surged more than 5% after BNP Paribas initiated coverage with an Outperform rating and a $231 price target.
• Wells Fargo & Co. (NYSE:WFC) rallied 3.7%, after soaring 5.6% Friday, after Bank of America Securities raised the price target on the stock from $70 to $75.
• SoFi Technologies Inc. (NASDAQ:SOFI) soared over 9% following the announcement of a major agreement with Fortress Investment Group LLC for its loan-platform business.
• Upstart Holdings Inc. (NASDAQ:UPST) jumped over 4% after Wedbush upgraded the stock to Neutral, boosting its price target from $10 to $45.
• Coinbase Global Inc. (NASDAQ:COIN), CleanSpark Inc. (NASDAQ:CLSK) and MARA Holdings Inc. (NASDAQ:MARA) rallied 7.7%, 7.3% and 5.4%, respectively, on the heels of Bitcoin’s rally.

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Image created using artificial intelligence via Midjourney.