Wall Street Extends Record Highs Ahead Of Key Inflation Report, Bitcoin Hits $50,000, NVIDIA Surpasses Amazon: What's Driving Markets Monday?

Wall Street kicked off the week on a high note, with the S&P 500 and Nasdaq 100 reaching new highs in anticipation of the January inflation report scheduled for this Tuesday.

Last week, both indices celebrated their fifth straight week of gains, culminating in an impressive run of 14 out of the last 15 weeks finishing in positive territory.

The Russell 2000’s small caps outshone their large-cap counterparts on Monday, echoing the sentiment from Friday.

A survey by the New York Fed on consumer sentiment revealed relatively stable inflation expectations and optimistic forecasts regarding household finances.

Bitcoin BTC/USD grabbed headlines, as the leading cryptocurrency soared to an intraday high of $50,333 on strong ETF inflows, reaching levels not seen since late December 2021.

Meanwhile, chipmaking behemoth NVIDIA Corp. NVDA overtook Amazon.com Inc. AMZN, climbing to the fourth spot in market capitalization rankings.

The VanEck Semiconductor ETF SMH has already surged more than 20% since the year’s beginning.

Monday's Performance In Major Indices, ETFs

Major Indices	Price	1-day (%)
Russell 2000	2,049.37	2.0%
Dow Jones	38,905.35	0.6%
S&P 500	5,046.59	0.5%
Nasdaq 100	18,022.49	0.4%

The SPDR S&P 500 ETF Trust SPY was 0.4% higher to $503.14, the SPDR Dow Jones Industrial Average DIA rose 0.6% to $389.24 and the tech-heavy Invesco QQQ Trust QQQ rose 0.4% to $436.72, according to Benzinga Pro data.

Sector-wise, the Materials SPDR Select Sector Fund XLB outperformed, up 1.2%, followed by the Energy SPDR Select Sector Fund XLE and Communication Services SPDR Select Sector Fund XLC, up 1.1%.

Industry-wise, the Invesco Solar ETF TAN surged over 5%, after rallying by nearly 8% last week.

Monday’s Stock Movers

• V.F. Corporation VF saw its stock climb nearly 15% following CEO Bracken Darrell‘s announcement of purchasing 65,360 company shares last week.
• Enphase Energy ENPH experienced a nearly 8% increase, continuing its upward trajectory after last week’s 20% surge.
• Companies slated to report earnings after the market closes include Arista Networks Inc. ANET, Cadence Design Systems Inc. CDNS, Waste Management Inc. WM, and Principal Financial Group Inc. PFG.

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