AGL 38.00 Decreased By ▼ -0.25 (-0.65%)
AIRLINK 136.45 Decreased By ▼ -2.52 (-1.81%)
BOP 5.44 Decreased By ▼ -0.01 (-0.18%)
CNERGY 3.80 Increased By ▲ 0.01 (0.26%)
DCL 7.50 Decreased By ▼ -0.07 (-0.92%)
DFML 45.41 Decreased By ▼ -0.74 (-1.6%)
DGKC 78.52 Increased By ▲ 0.41 (0.52%)
FCCL 28.89 Decreased By ▼ -0.21 (-0.72%)
FFBL 57.00 Decreased By ▼ -0.10 (-0.18%)
FFL 9.27 Increased By ▲ 0.57 (6.55%)
HUBC 96.80 Decreased By ▼ -5.02 (-4.93%)
HUMNL 13.40 Decreased By ▼ -0.85 (-5.96%)
KEL 3.77 Decreased By ▼ -0.05 (-1.31%)
KOSM 7.28 Decreased By ▼ -0.12 (-1.62%)
MLCF 37.80 Decreased By ▼ -0.55 (-1.43%)
NBP 67.50 Decreased By ▼ -2.00 (-2.88%)
OGDC 167.52 Decreased By ▼ -2.50 (-1.47%)
PAEL 25.10 Decreased By ▼ -0.55 (-2.14%)
PIBTL 6.70 Increased By ▲ 0.10 (1.52%)
PPL 131.50 Decreased By ▼ -2.08 (-1.56%)
PRL 26.40 Increased By ▲ 1.40 (5.6%)
PTC 15.10 Decreased By ▼ -0.44 (-2.83%)
SEARL 62.25 Decreased By ▼ -1.58 (-2.48%)
TELE 7.00 Increased By ▲ 0.05 (0.72%)
TOMCL 36.23 Decreased By ▼ -0.75 (-2.03%)
TPLP 7.88 Increased By ▲ 0.18 (2.34%)
TREET 14.00 Increased By ▲ 0.04 (0.29%)
TRG 44.55 Decreased By ▼ -0.42 (-0.93%)
UNITY 25.85 Increased By ▲ 0.45 (1.77%)
WTL 1.22 No Change ▼ 0.00 (0%)
BR100 9,143 No Change 0 (0%)
BR30 27,326 No Change 0 (0%)
KSE100 85,585 No Change 0 (0%)
KSE30 26,984 No Change 0 (0%)

NEW YORK: The benchmark S&P 500 scaled a fresh record high on Monday, extending a bull-market run into a new week on a boost from some megacap and chip stocks, while corporate earnings and clues on interest-rate cuts continued to top investors’ radar.

The S&P 500 surpassed Friday’s record level and hit an intraday high of 4,868.41 points, confirming a bull market after closing at an all-time high in the previous session since its October 2022 closing low.

Megacaps such as Alphabet, Meta Platforms and Apple added between 0.5% and 1.1%, while chip stocks Nvidia, Broadcom and Micron Technology advanced between 0.6% and 2%, taking the Philadelphia SE Semiconductor index up by 0.2% to a new all-time intraday high.

“We’re going to see a fair amount of volatility ... any economic slowdown may put a cap on the markets and with inflation still being an issue, you may also see the Fed standing pat a lot longer than the markets think,” said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest.

Wall Street had stalled at the start of 2024 after the prior year’s stellar run, as investors reassessed a quicker start to interest-rate cuts in light of mixed economic data and Federal Reserve policymakers playing down such bets.

Traders have sharply scaled back their expectations of an at least 25-basis-point rate cut first arriving in March, with focus now more on May with a 53% chance, according to the CME Group’s FedWatch Tool.

Investors will parse the personal consumption expenditure (PCE) index - the Fed’s preferred inflation gauge, S&P Global PMI readings and an advance fourth-quarter GDP print this week to assess the central bank’s next policy decision when it meets on Jan. 31.

Big-ticket earnings this week from Netflix, Tesla , Abbott Laboratories, Intel and Johnson & Johnson, among others, will also be watched for insights into the health of corporate America.

United Airlines Holdings, Brown & Brown and Zions Bancorp are set to detail earnings after market close.

So far, 84.6% of the S&P 500 companies that have reported results have surpassed earnings expectations, LSEG data showed on Friday, compared with the 93.1% beat seen in the previous week.

At 11:51 a.m. ET, the Dow Jones Industrial Average was up 120.08 points, or 0.32%, at 37,983.88, the S&P 500 was up 12.98 points, or 0.27%, at 4,852.79, and the Nasdaq Composite was up 67.29 points, or 0.44%, at 15,378.26.

The S&P index recorded 79 new 52-week highs and three new lows, while the Nasdaq recorded 144 new highs and 97 new lows.

Comments

Comments are closed.