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
| Index | Price | % |
|---|---|---|
| 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 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
| Date Announced | Timeframe | Name |
|---|---|---|
| 2024-01-23 | Before Market Open | General Electric GE |
| 2024-01-23 | Before Market Open | Johnson & Johnson JNJ |
| 2024-01-23 | Before Market Open | Raytheon Technologies RTX |
| 2024-01-23 | Before Market Open | Procter & Gamble PG |
| 2024-01-23 | Before Market Open | Verizon Communications VZ |
| 2024-01-23 | Before Market Open | Lockheed Martin LMT |
| 2024-01-23 | After Market Close | Netflix Inc. NFLX |
| 2024-01-23 | After Market Close | Texas Instruments TXN |
| 2024-01-23 | After Market Close | Intuitive Surgical ISRG |
| 2024-01-24 | Before Market Open | SAP SE SAP |
| 2024-01-24 | Before Market Open | ASML Holding ASML |
| 2024-01-24 | Before Market Open | Elevance Health ELV |
| 2024-01-24 | Before Market Open | AT&T Inc. T |
| 2024-01-24 | Before Market Open | Abbott Laboratories ABT |
| 2024-01-24 | Before Market Open | Progressive Corporation PGR |
| 2024-01-24 | After Market Close | Lam Research Corporation LRCX |
| 2024-01-24 | After Market Close | Tesla Inc. TSLA |
| 2024-01-24 | After Market Close | IBM IBM |
| 2024-01-24 | After Market Close | ServiceNow Inc. NOW |
| 2024-01-25 | Before Market Open | Comcast Corporation CMCSA |
| 2024-01-25 | Before Market Open | NextEra Energy Inc. NEE |
| 2024-01-25 | Before Market Open | Union Pacific Corporation UNP |
| 2024-01-25 | After Market Close | Intel Corporation INTC |
| 2024-01-25 | After Market Close | T-Mobile US Inc. TMUS |
| 2024-01-25 | After Market Close | Visa Inc. V |
| 2024-01-26 | Before Market Open | American Express Company AXP |
Photo via Shutterstock.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
