S&P 500 and Nasdaq hit new all-time highs as Wall Street turns bullish

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• Mon Jun 17, 2024 9:54 AM MST

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  S&P 500 and Nasdaq extend session gains to hit new highs

  The major averages were all higher on Monday, with the Nasdaq Composite (^IXIC) and the S&P 500 (^GSPC) hitting new intraday highs.

  The Dow Jones Industrial Average (^DJI) erased earlier losses and rose 0.3%.

  Technology and consumer discretionary stocks outperformed, while shares of Apple (APPL), Tesla (TSLA) and chipmaker Broadcom (AVGO) led the gains.

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  Mon Jun 17, 2024 at 9:00am MST

  Oil prices are rising as the market expects summer demand to keep supply tight

  Oil futures rose about 1% on Monday, building on last week’s gains after a sell-off earlier this month.

  On Monday, West Texas Intermediate (CL=F) was trading just above $79.50 per barrel, adding to a gain of about 4% last week.

  Brent (BZ=F), the international benchmark price, hovered above $83.50 per barrel on Monday.

  Futures retreated earlier this month after oil alliance OPEC+ announced it would extend its production cuts until 2025, but some of its voluntary cuts would be phased out starting in October.

  Prices edged higher last week as summer demand for transportation and refrigeration was expected to keep supply tight.

  Analysts at Goldman Sachs recently forecast that the price of Brent crude will rise to $86 per barrel later this summer.

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  Mon Jun 17, 2024 8:20am MST

  Major averages are turning green while the Nasdaq and S&P 500 are hovering near records

  The major averages all turned green by mid-morning.

  The Nasdaq Composite (^IXIC), which had been positive for most of the session, gained nearly 0.2%, while the S&P 500 (^GSPC) rose 0.1%. The Nasdaq and the S&P 500 closed at record highs last week.

  The Dow Jones Industrial Average (^DJI) erased earlier losses and rose above the flat line.

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  Mon Jun 17, 2024 7:15 AM MST

  Nvidia reaches a new record, while the rest of the market is little changed

  Nvidia ( NVDA ) hit new all-time highs on Monday, as the chip giant continued to lead the Nasdaq Composite ( ^IXIC ) higher.

  The stock gained almost 1% while the rest of the market was subdued. Nvidia is up more than 170% this year.

  Nvidia has far and away outperformed the rest of the Magnificent Seven stocks and Nasdaq 100 (^NDX) constituents.

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  Mon Jun 17, 2024 6:32 AM MST

  Shares were little changed to start the shortened trading week

  Stocks were little changed Monday, kicking off a holiday-shortened trading week.

  The Nasdaq Composite (^IXIC) gained nearly 0.1% after the tech-heavy index posted five straight record sessions last week.

  The S&P 500 (^GSPC) fell 0.1% after also hitting record highs last week, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

  The stock market is slowly rising despite investors’ scaled back expectations of rate cuts in 2024. The market now expects the Federal Reserve to cut rates just once this year, following the central bank’s latest policy meeting last week.

  Technology-related stocks continued to rise on Monday. Year to date, the S&P 500’s Information Technology Sector ETF (XLK) is up more than 18%, compared with the broader benchmark’s 13% gain.