The Nasdaq Composite rose on Monday, driven by gains in Nvidia and other technology companies. Meanwhile, the Dow Jones Industrial Average fell, led by losses in JPMorgan Chase.
The tech-focused Nasdaq climbed 0.65% to a record high, closing at 16,794.87. The S&P 500 edged up 0.09% to 5,308.13, while the Dow dropped 196.82 points, or 0.49%, to 39,806.77.
JPMorgan shares declined 4.5% after CEO Jamie Dimon hinted at an earlier retirement during the bank’s annual investment meeting. Dimon also announced that the bank would not repurchase shares at their current prices. Despite the drop, JPMorgan’s stock is up about 15% year to date.
This week, artificial intelligence companies are set to be in the spotlight, with investors closely watching Nvidia’s fiscal first-quarter results due on Wednesday afternoon to assess the strength of the AI-led rally.
On Monday, Nvidia shares rose more than 2% following multiple bullish analyst calls highlighting the company’s dominant market position. Several Wall Street firms raised their price targets for Nvidia, suggesting the stock could gain as much as 30% from its current levels.
Nvidia’s stock has surged 91.4% in 2024 and is up 203.2% over the past 12 months. The company’s market cap has reached $2.3 trillion, making it the third-largest in the S&P 500. Options traders are anticipating an approximate 8% move in the stock following the earnings report.
