S&P 500, Nasdaq, Dow Jones Strike All-Time Highs Ahead Of Key Earnings This Week: What's Driving Markets Monday?

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 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 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

The SPDR S&P 500 ETF Trust SPY rose 0.3% to $483.78, the SPDR Dow Jones Industrial Average DIA rose 0.3% to $378.86 and the tech-heavy Invesco QQQ Trust QQQ was trading 0.3% higher to $422.35, according to Benzinga Pro data.

Sector-wise, the Industrials Select Sector Fund XLI slightly outperformed, up 0.7%. The Utilities Select Sector Fund XLU continued to lag behind, down 0.7%.

Monday’s Stock Movers

• Advanced Micro Devices Inc. AMD fell 3.8%, after Northland Capital Market downgraded AMD from Outperform to Market Perform.
• Tesla Inc. TSLA fell 1.5%, after a Morgan Stanley’s note revealed a “stalling” global electric vehicle outlook in 2024.
• Archer Daniels Midland Co. 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. 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. 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

Read now: Nvidia, AMD To Triumph Over Q4 Market Weakness With Cutting-Edge AI, Says Analyst: What To Expect From The Chipmakers

Photo via Shutterstock.