NEW YORK (AP) — U.S. stock indexes ended mixed after a quiet day of trading, with the Nasdaq Composite Index setting a new record. The Nasdaq rose 0.7% on Monday. The S&P 500 rose 0.1%, finishing just shy of its all-time high.
NEW YORK (AP) — U.S. stock indexes ended mixed after a quiet day of trading, with the Nasdaq Composite Index setting a new record. The Nasdaq rose 0.7% on Monday. The S&P 500 rose 0.1%, finishing just shy of its all-time high. The Dow Jones Industrial Average fell 0.5% in the first session after closing above the 40,000 mark for the first time. Norwegian Cruise Line’s earnings beat analysts’ expectations, contributing to the market’s rise. Government bond yields remained relatively stable. Nvidia, one of Wall Street’s most influential companies, is scheduled to report its quarterly results later this week.
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NEW YORK (AP) — U.S. stock indexes hovered near record highs Monday, trading mixed after a recent winning week.
The S&P 500 rose 0.1% in late trading, on track to break a record set last week. With less than an hour left in trading, the Nasdaq Composite Index rose 0.6%, also rising at a record pace. The Dow Jones Industrial Average fell 180 points, or 0.5%, on Friday after closing above the 40,000 mark for the first time.
Norwegian Cruise Line helped lead the market, rising 6.8% after delivering several financial forecasts for the year that beat analysts’ expectations. The company said demand for cruises is growing and some of its competitors are following suit and benefiting from it. Carnival rose 6.4%, while Royal Caribbean Group rose 4.1%.
All three major U.S. stock indexes hit new highs last week, largely as expectations for subdued inflation reignited hopes that the Federal Reserve could cut interest rates this year. Stocks were also boosted by an increasing number of reports showing that major U.S. companies were making better-than-expected profits.
There are few major economic reports this week, like last week’s headline which suggested inflation may finally be heading back in the right direction after a gloomy start to the year. However, there are several reports scheduled that could move the market on corporate earnings.
At the top of the list is Nvidia, whose rise amidst the frenzy around artificial intelligence technology was a key reason for the S&P 500’s rise last year. The company is scheduled to release its latest quarterly results on Wednesday, and expectations are high. Analysts expect sales to more than triple from a year ago to nearly $24.59 billion.
The company’s stock price rose 2.8%, giving it a year-to-date gain of nearly 92%.
Also on the schedule are several retailers, including Lowe’s on Tuesday, Targets on Wednesday and Ross Stores on Thursday, which could provide more detail on how U.S. household spending is holding up. With inflation still high, though not as high as it was before, pressures on customers are mounting and rifts are appearing among the lowest-income customers.
Shares fell 2.2% after Target announced Monday that it would cut prices on thousands of essential items such as milk and diapers, acknowledging that customers are looking for relief from rising prices.
In the oil market, crude oil price movements were relatively calm and subdued following the death of the Iranian president in a helicopter crash.
In the bond market, yields remained largely stable. The yield on the 10-year U.S. Treasury rose to 4.43% from 4.42% late Friday. The two-year Treasury yield, which more closely tracks expectations for Fed action, was steady at 4.83% late Friday.
The Fed is due to release minutes from its latest meeting on Wednesday, when it again kept its key interest rate at its highest level in more than two decades. The hope is that the central bank can manage the delicate balance of slowing the economy through high interest rates enough to keep inflation under control, but not so much that it triggers a painful recession.
Traders believe there is a nearly 89% chance the Fed will cut key interest rates at least once this year, according to CME Group data.
In overseas stock markets, stock indexes rose slightly in many regions of Asia and Europe.
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AP writers Matt Ott and Jimo Zhong contributed.
Stan Cho, Associated Press
