(Sharecast News) - All three of Wall Street's benchmark indices finished higher on Monday, with tech stocks outperforming on a quiet day ahead of some closely anticipated economic data and corporate earnings over the coming days.
The Dow inched 0.04% higher to set a new closing high of 50,135.87 and the S&P 500 rose 0.47% to 6,964.82. However, the Nasdaq jumped 0.90% to 23,238.67, as tech heavyweights including Nvidia, Microsoft and Broadcom raced ahead.
Major indices rebounded from a sharp selloff on Friday, driven by heavy losses across software names and a steep drop in bitcoin as investors shifted into riskoff mode.
"It has been a quietly risk-on day for markets overall, following the Japanese election results over the weekend," said Chris Beauchamp, chief market analyst at IG.
"A recovery in tech stocks suggests that the rotational trade in this bull market may be moving back in the other direction. With some time before Nvidia's earnings [...], the focus this week shifts back to the macro picture, and a potentially Goldilocks combination of a weak jobs report and inflation data reinforcing hopes of a dovish Fed at the next decision."
January's delayed jobs report on Wednesday was pushed back from last week due to the partial US government shutdown. The release follows a softerthanexpected ADP print, which showed private payrolls rising by just 22,000 in January. Economists expect the official report to show a gain of around 55,000 jobs.
January's CPI reading, also delayed by the shutdown, will follow on Friday, with consensus forecasts pointing to a 2.5% annual rate.
No major corporate earnings were scheduled for release on Monday, but traders will await quarterly figures from CocaCola and Ford on Tuesday.
Market movers
Google parent Alphabet edged higher on reports that it is planning to sell a 100-year bond as part of its mega debt issue, in the first sale of such long-dated debt by a technology firm since the late 1990s.
Oracle jumped nearly 10% after DA Davidson upgraded its recommendation for the stock from 'neutral' to 'buy'.
US-listed shares of Danish pharmaceuticals firm Novo Nordisk rose 4% after telehealth company Hims & Hers said it had ditched plans to sell its own version of the Wegovy weight-loss drug. Him & Hers shares dropped 16% on the news.
STMicroelectronics finished 9% higher after the Switzerland-based chip giant announced a new multi-year, multi-billion-dollar contract with Amazon in a deal that will give the latter's cloud division the option to buy a stake of up to 2.7%.
Workday fell 5% after a leadership change, with co-founder Aneel Bhusri returning as CEO, as the enterprise software group looked to sharpen its focus on AI following a volatile period for the stock and recent workforce reductions.
Kyndryl's stock dropped 55% after the IT service provider reported mixed third-quarter results and sharply lowered its full-year outlook, while disclosing leadership changes and an accounting review.
Dow Jones - Risers
Microsoft Corp. (MSFT) $413.71 3.13%
Caterpillar Inc. (CAT) $743.01 2.31%
Cisco Systems Inc. (CSCO) $86.75 2.28%
Goldman Sachs Group Inc. (GS) $944.60 1.71%
Verizon Communications Inc. (VZ) $47.01 1.51%
Salesforce.Com Inc. (CRM) $193.88 1.32%
Dow Chemical Co. (DOW) $32.17 1.24%
Chevron Corp. (CVX) $182.78 1.06%
Boeing Co. (BA) $244.80 0.73%
American Express Co. (AXP) $360.03 0.25%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $117.47 -3.66%
Travelers Company Inc. (TRV) $292.42 -3.01%
Nike Inc. (NKE) $62.46 -2.29%
Amgen Inc. (AMGN) $375.98 -2.17%
Visa Inc. (V) $325.38 -1.87%
Walt Disney Co. (DIS) $106.82 -1.73%
3M Co. (MMM) $170.24 -1.40%
Procter & Gamble Co. (PG) $157.07 -1.32%
Coca-Cola Co. (KO) $78.09 -1.19%
Home Depot Inc. (HD) $381.21 -1.02%
S&P 500 - Risers
Oracle Corp. (ORCL) $156.59 9.64%
Corning Inc. (GLW) $131.37 7.54%
Amphenol Corp. (APH) $144.45 6.03%
Freeport-McMoRan Inc (FCX) $63.67 4.94%
TE Connectivity Ltd (TEL) $226.39 4.85%
Take-Two Interactive Software Inc. (TTWO) $205.02 4.82%
Newmont Corporation (NEM) $120.81 4.76%
FMC Corp. (FMC) $15.44 4.61%
Under Armour, Inc. (UA) $7.66 4.43%
Under Armour Inc. Class A (UAA) $7.88 4.23%
S&P 500 - Fallers
Waters Corp. (WAT) $327.02 -14.23%
Gallagher Arthur J (AJG) $217.58 -9.94%
Aon plc (AON) $309.93 -9.39%
Robert Half Inc. (RHI) $29.10 -7.31%
Dxc Technology Company (DXC) $14.19 -6.64%
Macy's Inc. (M) $21.50 -5.26%
Kohls Corp. (KSS) $17.55 -5.16%
Booking Holdings Inc. (BKNG) $4,236.04 -4.96%
Gap Inc. (GAP) $27.75 -4.72%
Best Buy Co. Inc. (BBY) $67.15 -4.62%
Nasdaq 100 - Risers
Take-Two Interactive Software Inc. (TTWO) $205.02 4.82%
Qvc Group Inc Series A (QVCGA) $10.98 4.17%
Broadcom Inc. (AVGO) $343.77 3.26%
Microsoft Corp. (MSFT) $413.71 3.13%
Synopsys Inc. (SNPS) $439.06 2.85%
Cadence Design Systems Inc. (CDNS) $291.00 2.64%
Nvidia Corp. (NVDA) $189.86 2.40%
Vodafone Group Plc ADS (VOD) $15.47 2.38%
Cisco Systems Inc. (CSCO) $86.75 2.28%
Paypal Holdings Inc (PYPL) $41.15 1.81%
Nasdaq 100 - Fallers
Workday, Inc. (WDAY) $154.62 -5.09%
Booking Holdings Inc. (BKNG) $4,236.04 -4.96%
Biogen Inc (BIIB) $193.81 -3.66%
Sirius XM Holdings Inc (SIRI) $20.94 -3.41%
Cognizant Technology Solutions Corp. (CTSH) $74.58 -3.24%
Amgen Inc. (AMGN) $375.98 -2.17%
Microchip Technology Inc. (MCHP) $74.39 -2.12%
American Airlines Group (AAL) $15.00 -1.57%
Liberty Global plc Series A (LBTYA) $11.60 -1.32%
Netflix Inc. (NFLX) $81.41 -0.96%
16.48 (0.16%)
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