US stocks experienced a significant rally on Monday, with two major indexes achieving record closes, driven by strong performance in technology shares led by Nvidia (NVDA).
The S&P 500 (^GSPC) rose nearly 0.8%, closing at a fresh all-time high above 5,800 for the first time. The Nasdaq Composite (^IXIC) saw an increase of nearly 0.9%, while the Dow Jones Industrial Average (^DJI) gained over 200 points, or nearly 0.5%, surpassing the 43,000 level for the first time in its history.
Tech stocks were the main drivers of the market’s gains, with Nvidia rising almost 3% to close above $138 per share. Other semiconductor stocks also enjoyed substantial gains, including chip equipment maker ASML (ASML), Arm Holdings (ARM), and Applied Materials (AMAT).
The bullish sentiment extended into the cryptocurrency market, where Bitcoin (BTC-USD) climbed more than 5% in the past 24 hours, reaching above $65,700 per coin. Ethereum (ETH-USD) also surged, adding nearly 8% on the day.
As the first full week of third-quarter earnings results unfolds, attention is focused on how these reports will influence the ongoing rally, especially as the bull market celebrates its second anniversary. The Dow and S&P 500 entered the week at record levels, buoyed by strong earnings from major banks like JPMorgan Chase (JPM) and Wells Fargo (WFC), which largely met Wall Street’s expectations. Upcoming reports from Goldman Sachs (GS), Citi (C), and Bank of America (BAC) are scheduled for Tuesday, with Morgan Stanley (MS) set to report on Wednesday.
Despite the positive market momentum, uncertainty lingers regarding the Federal Reserve’s interest rate policy. A favorable jobs report and persistent inflation data are fueling speculation that the Fed may refrain from implementing another rate cut in November. The upcoming retail sales data will further inform the debate on whether the economy has remained resilient amid the Fed’s monetary policy, which analysts hope will lead to a “soft landing.”
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