U.S. Stocks Close: Dow Sets New Record, Arm Surges 29%
Investors are keeping a close eye on Coca-Cola’s financial report and inflation data such as CPI, PPI, and retail sales, along with comments from Federal Reserve officials as they hope to find clues about the path of interest rate cuts. On Monday, U.S. stocks closed with mixed gains, with the Dow Jones Industrial Average hitting a new all-time high. However, most large technology stocks fell, with Tesla dropping by more than 2% and other high-tech stocks also experiencing declines. The one exception to the trend was Arm, which surged by an impressive 29%.
The Dow rose 125.69 points, or 0.33%, reaching 38,797.38 points, while the Nasdaq fell 48.12 points, or 0.30%, to 15,942.55 points. The S&P 500 also fell by 4.77 points, or 0.09% to 5,021.84 points. However, in intraday trading, both the Dow Jones Industrial Average and the S&P 500 Index hit record intraday highs.
Looking ahead, U.S. CPI data will be released on Tuesday, followed by U.S. retail sales data on Thursday and producer price index (PPI) data on Friday. Investors are also awaiting comments from at least seven Fed officials this week.
As companies continue to report earnings, about 61 stocks in the S&P 500 will reveal their earnings this week, including gig economy stocks Lyft, Instacart, and DoorDash. Additionally, companies such as AutoNation, Kraft Heinz, Hasbro, and Coca-Cola will use their earnings reports to showcase how the U.S. consumer market is faring.
However, it is important to remember that the stock market is risky and investing should be approached with caution. The content, data, and tools in this article do not constitute any investment advice and are for reference only. As always, it’s important for investors to critically evaluate their investment decisions and stay informed about market trends and developments.