Stocks Rise Again Monday, Led by Tech Gains, as Market Extends Record Rally

The S&P 500 and Dow Jones Industrial Average added 0.8% and 0.5%, respectively, both hitting record closing highs, while the Nasdaq Composite rose 1%

Stocks rose again Monday, led by gains for technology stocks, as the market extended a rally that has pushed major indexes to record highs.

The S&P 500 and Dow Jones Industrial Average added 0.8% and 0.5%, respectively, both hitting record closing highs, while the Nasdaq Composite rose 1% and was near a record of its own.

Major indexes, which are riding five-week winning streaks, were coming off gains on Friday that were spurred by strong earnings reports from large banks and an encouraging report on inflation.

It was a federal holiday in the U.S. on Monday, which meant that government offices, banks and the bond market were closed. While the stock market was open, there was nothing of note on the earnings or economic data release calendars. A flurry of earnings reports from big companies, as well as key economic data releases, are scheduled for the coming days.

Large-cap technology stocks were mostly higher Monday, led by a 2.4% gain for AI investor favorite Nvidia (NVDA), which hit a record closing high.

Microsoft (MSFT), Apple (AAPL), Meta Platforms (META), Alphabet (GOOGL) and Broadcom (AVGO) all gained ground, while Amazon (AMZN) fell 0.7%.

Chip stocks powered the tech rally, with the PHLX Semiconductor Index (SOX) rising 1.8%. Arm Holdings (ARM), Marvell Technology (MRVL) and Qualcomm (QCOM) were all sharply higher, leading Nasdaq gainers.

Shares in Boeing (BA) fell 1.3% after the airplane maker announced a slew of cost-cutting measures late Friday, including cutting about 10% of its workforce, or 17,000 jobs, and said it expects to take a total of $5 billion in pre-tax earnings charges in its third-quarter results.

Caterpillar (CAT) was down 2%, making it the biggest Dow decliner, after Morgan Stanley lowered its rating on the stock to 'underweight' and sliced its price target.

Crypto-related stocks rose as bitcoin (BTCUSD) jumped more than 5% to around $66,000 for the first time this month. Cryptocurrency exchange Coinbase (COIN) rose 11% and bitcoin miner Marathon Digital Holdings (MARA) added 5.6%.

Crude oil futures, which have been volatile in recent weeks amid concerns that an escalation of conflict in the Middle East could disrupt global oil supplies, were down 4% after the Organization of the Petroleum Exporting Countries (OPEC) reduced its oil demand outlook for 2024 and 2025.

Gold futures were down slightly at around $2,670 an ounce.