Key Takeaways:
The S&P 500 and Nasdaq Composite set new record highs on Monday, driven by a continued rally in technology stocks.
Energy stocks also surged as WTI crude oil prices jumped nearly 4% to almost $99 a barrel amid geopolitical tensions.
Sector Performance:
The S&P 500 and Nasdaq Composite climbed to new records on Monday, as a rally in technology shares overshadowed concerns about rising oil prices and geopolitical tensions. The S&P 500 rose 0.19% to 7,412.94, and the tech-heavy Nasdaq Composite added 0.10% to close at 26,274.13.
"Key Inflation data will be released this week and the stakes couldn’t be higher," Jay Woods, Chief Market Strategist at Freedom Capital Markets, said in written commentary. "All the focus has been on earnings season. Now we get to turn our attention back to good old economic data. If reaction to Friday’s jobs data was any indication, then just wait to see what volatility hotter inflationary data could cause."
The Dow Jones Industrial Average also gained 0.19% to 49,704.47. Gains in major U.S. indexes were led by the energy sector, which climbed 2.2% as West Texas Intermediate crude oil futures jumped 2.9% to $98.15 a barrel. Tech stocks also provided a significant boost, with chipmakers Intel and Micron Technology gaining 3.6% and 6.5%, respectively. Nvidia, the world's most valuable company, rose 2% to a new all-time high.
The gains came as investors weighed the impact of rising energy prices against the continued strength of the technology sector. The 10-year Treasury yield rose to 4.41%, while gold futures were up 0.2% at $4,735 an ounce. Investors are now looking ahead to Tuesday's Consumer Price Index report for April, which is expected to show a surge in inflation.
This article is for informational purposes only and does not constitute investment advice.
