Stocks in the United States closed with mixed results on Monday, with the Nasdaq Composite Index rising 0.8 per cent to 17,879.30, led by gains in megacap growth stocks like Apple and Tesla. The Dow Jones Industrial Average edged up 0.1 per cent to 39,169.52, while the S&P 500 climbed 0.3 per cent to 5,475.09.
Major tech companies such as Apple, Amazon, and Microsoft saw gains of at least 2 per cent, contributing to a strong year for the sector. Boeing’s stock surged 2.7 per cent after announcing a $4.7 billion deal to acquire subcontractor Spirit AeroSystems, which also saw a 3.4 per cent increase in its shares.
Large banks also performed well after announcing dividends and share repurchases following Federal Reserve stress tests. Goldman Sachs gained 2.5 per cent, JPMorgan Chase increased 1.6 per cent, and Bank of America rose 0.6 per cent.
Market participants are eagerly awaiting US labor market data later in the week to gauge the interest rate outlook. Matt Stucky, Chief Portfolio Manager for Equities at Northwestern Wealth Management, emphasized the importance of wage trends, stating that wages need to be between 3 and 3.5 per cent for inflation to reach a sustainable 2 per cent level.
Overall, the market showed positive movements, driven by tech stocks and key announcements in various sectors.