The major U.S. stock indexes—the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite—all closed higher on Monday, driven by strong performances from many of the so-called “Magnificent Seven” tech stocks. The S&P 500 rose by 43.22 points, or 0.73%, to 5,974.07, while the Nasdaq Composite gained 192.29 points, or 0.98%, reaching 19,764.89. The Dow Jones Industrial Average increased by 66.69 points, or 0.16%, closing at 42,906.95.
The performance of large-cap stocks has a significant impact on the markets, and with many investors taking time off this week, their movements will be even more influential. Trading volumes on U.S. exchanges were 12.76 billion shares, down from the 14.89 billion shares averaged over the previous 20 trading days.
Apple, Amazon, and Google’s parent company Alphabet also contributed to the positive momentum, boosting both the Nasdaq Composite and Dow Jones Industrial Average for their third consecutive gains. The S&P 500 saw its second increase in three sessions.
Northlight’s Zaccarelli noted that conditions were favorable for this rally, as investors likely held onto their positions for potential gains, rather than selling to book losses for tax purposes.
Qualcomm’s stock rose 3.5% following a jury’s decision that its central processors are properly licensed under an agreement with UK-based Arm Holdings. In contrast, Arm’s shares fell 4% as it plans to seek a retrial.
Walmart saw a 2% drop after being accused by the U.S. consumer finance watchdog of forcing over a million delivery drivers to use accounts that cost them more than $10 million in fees. Meanwhile, Eli Lilly’s shares surged 3.7% after the U.S. FDA approved its weight-loss drug, Zepbound, for obstructive sleep apnea, causing shares of sleep apnea device makers ResMed and Inspire Medical to fall by 2.6% and 0.1%, respectively.
Nordstrom’s shares fell 1.5% following news that the department store’s founding family and Mexican retailer El Puerto de Liverpool agreed to take the company private.
(INPUT FROM AGENCIES)
