Tech-heavy index Nasdaq surged to a record high on Monday, led by chipmakers as investors awaited quarterly results from chip giant Nvidia and the Federal Reserve’s policy meeting minutes due on Wednesday.
At 9:57 a.m. ET, the Dow Jones Industrial Average was down 2.21 points, or 0.01 per cent, at 40,001.38, the S&P 500 was up 17.35 points, or 0.33 per cent, at 5,320.62, and the Nasdaq Composite was up 107.79 points, or 0.65 per cent, at 16,793.76. At the opening bell, the Dow Jones Industrial Average fell 13.83 points, or 0.03 per cent, to 39,989.76. The S&P 500 was higher by 2.08 points, or 0.04 per cent, at 5,305.35, while the Nasdaq Composite gained 16.06 points, or 0.10 per cent, to 16,702.02.
Minutes of Fed’s May FOMC (Federal Open Market Committee) meeting will be released on May 22 (Wednesday).
Chipmaker Nvidia will report its fiscal first quarter results on Wednesday. Its stock was up 2.6 per cent on Monday.
Micron Technology shares climbed 4 per cent.
Shares of Target fell 1.3 per cent after the retailer said on Monday that it would cut prices on thousands of everyday essentials, such as milk and diapers.
The yield on the 10-year Treasury rose to 4.43 per cent from 4.42 per cent late on Friday. The 2-year yield was holding steady at 4.83 per cent.
Bullion
Gold prices hit a record high on Monday as the shock death of Iranian President Ebrahim Raisi in a helicopter crash boosted support for the precious metal seen as a safe haven investment.
Silver jumped to the highest level in more than 11 years.
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Published: 20 May 2024, 07:52 PM IST
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