The S&P 500 and Dow Jones Industrial Average surged to all-time records, hitting intraday highs of 6,020 and 44,815 points, respectively, before paring back some gains.
Yet, the small-cap Russell 2000 index stole the spotlight, up 1.4% and reaching an all-time high for the first time since November 2021.
Meanwhile, the barometer of geopolitical fears eased as Israel and Lebanon agreed to a framework for ending the Israel-Hezbollah conflict. While the deal still requires approval from Israel’s Security Cabinet, traders embraced the news, which sent ripples through commodity markets.
West Texas Intermediate (WTI) crude tumbled 2.7%, falling below $70 per barrel, erasing Friday’s gains. Gold plummeted over 3%, marking one of its worst sessions in 2024, as safe-haven demand receded.
Bucking the trend, natural gas prices soared 8%, driven by reports that Trump's team is preparing to end Biden's freeze on liquefied natural gas (LNG) exports.
U.S. Treasury yields plunged as optimism around Bessent's nomination suggested a potential curb on unchecked deficit spending. The yield on the 10-year Treasury note fell more than 10 basis points to 4.29%, dragging the U.S. dollar down 0.6%.
While traditional equities rallied, the risk-on sentiment did not extend to cryptocurrencies. Bitcoin (CRYPTO: BTC) dropped 3% to around $95,000, further distancing itself from the highly anticipated $100,000 milestone.
Monday’s Performance In U.S. Major Indices, ETFs
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Monday’s Stock Movers
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