S&P 500, Nasdaq, Dow Jones Strike All-Time Highs Ahead Of Key Earnings This Week: What's Driving Markets Monday?

Zinger Key Points
  • All major U.S. averages were trading simultaneously at all-time highs Monday.
  • Western Digital is the S&P 500's top performer Monday.

Following a record-breaking week for the S&P 500, U.S. stocks continue to be on the rise as investors eagerly await this week’s key earnings reports with optimism.

On Monday, the S&P 500 reached 4,850 points, the Nasdaq 100 climbed to 17,365 and the Dow Jones briefly touched a record-breaking 38,000 points, with all major U.S. averages simultaneously trading at all-time peaks.

Small caps, as tracked by the iShares Russell 2000 ETF IWM rose 1.7%, outperforming major indices.

The dollar held steady, while Treasury yields slightly eased, providing relief to the bond market. The iShares 20+ Year Treasury Bond ETF TLT rose 0.6%.

Gold edged down 0.3%, while oil soared by over 2%, on track to close at the highest level since late December.

Bitcoin tumbled by over 2%, eyeing the lowest level since early December.

Monday’s Performance In US Major Indices, ETFs

IndexPrice%
Russell 20001,973.681.6%
Dow Jones37,986.400.3%
S&P 5004,854.840.3%
Nasdaq 10017,362.660.3%

The SPDR S&P 500 ETF Trust SPY rose 0.3% to $483.78, the SPDR Dow Jones Industrial Average DIA rose 0.3% to $378.86 and the tech-heavy Invesco QQQ Trust QQQ was trading 0.3% higher to $422.35, according to Benzinga Pro data.

Sector-wise, the Industrials Select Sector Fund XLI slightly outperformed, up 0.7%. The Utilities Select Sector Fund XLU continued to lag behind, down 0.7%.

Monday’s Stock Movers

  • Advanced Micro Devices Inc. AMD fell 3.8%, after Northland Capital Market downgraded AMD from Outperform to Market Perform.
  • Tesla Inc. TSLA fell 1.5%, after a Morgan Stanley’s note revealed a “stalling” global electric vehicle outlook in 2024.
  • Archer Daniels Midland Co. ADM tumbled by 22% following the announcement that the agribusiness giant had placed its chief financial officer on administrative leave due to an ongoing investigation into accounting practices within its nutrition segment.
  • Gilead Sciences Inc. GILD saw a significant drop of more than 10% in its stock price following the company’s disclosure that the Phase 3 Trial of Trodelvy in lung cancer did not achieve its primary objective.
  • Western Digital Corp. WDC rose by more than 5%, marking the top performance in the S&P 500, after the company announced plans to separate its hard disk drive and flash businesses by the second half of this year. This move, as indicated in a report by Morgan Stanley on Monday, is expected to unlock significant value for the company.

US Mega-Cap Stocks Reporting This Week

Date AnnouncedTimeframeName
2024-01-23Before Market OpenGeneral Electric GE
2024-01-23Before Market OpenJohnson & Johnson JNJ
2024-01-23Before Market OpenRaytheon Technologies RTX
2024-01-23Before Market OpenProcter & Gamble PG
2024-01-23Before Market OpenVerizon Communications VZ
2024-01-23Before Market OpenLockheed Martin LMT
2024-01-23After Market CloseNetflix Inc. NFLX
2024-01-23After Market CloseTexas Instruments TXN
2024-01-23After Market CloseIntuitive Surgical ISRG
2024-01-24Before Market OpenSAP SE SAP
2024-01-24Before Market OpenASML Holding ASML
2024-01-24Before Market OpenElevance Health ELV
2024-01-24Before Market OpenAT&T Inc. T
2024-01-24Before Market OpenAbbott Laboratories ABT
2024-01-24Before Market OpenProgressive Corporation PGR
2024-01-24After Market CloseLam Research Corporation LRCX
2024-01-24After Market CloseTesla Inc. TSLA
2024-01-24After Market CloseIBM IBM
2024-01-24After Market CloseServiceNow Inc. NOW
2024-01-25Before Market OpenComcast Corporation CMCSA
2024-01-25Before Market OpenNextEra Energy Inc. NEE
2024-01-25Before Market OpenUnion Pacific Corporation UNP
2024-01-25After Market CloseIntel Corporation INTC
2024-01-25After Market CloseT-Mobile US Inc. TMUS
2024-01-25After Market CloseVisa Inc. V
2024-01-26Before Market OpenAmerican Express Company AXP

Read now: Nvidia, AMD To Triumph Over Q4 Market Weakness With Cutting-Edge AI, Says Analyst: What To Expect From The Chipmakers

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