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    • Dow and S&P 500 are heading for record highs, Nasdaq is rising while Nvidia is rising
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    Dow and S&P 500 are heading for record highs, Nasdaq is rising while Nvidia is rising

    Kathleen William Posted on

    U.S. stocks rose on Monday, heading toward new record highs, while Nvidia shares climbed and investors braced for more gains from major banks to test this rally and the chances of an economic “soft landing.”

    The S&P 500 (^GSPC) rose 0.7% and headed for a new record after closing above 5,800 for the first time on Friday. The tech-heavy Nasdaq Composite (^IXIC) rose 0.7%. The Dow Jones Industrial Average (^DJI) rose more than 100 points, or 0.4%.

    Tech stocks led the gains, with chip giant (NVDA) hitting new highs, gaining more than 2% on the session. Other semiconductor stocks also rose sharply, including chip maker ASML (ASML), Arm Holdings (ARM) and Applied Materials (AMAT).

    Results take center stage as the first full week begins with third quarter results. The course of the season is considered crucial for the stock rally as the bull market turns two years old.

    The Dow and S&P 500 capped a successful week with new records after earnings from JPMorgan Chase (JPM) and Wells Fargo (WFC) largely passed Wall Street's test. Investors continue to focus on large banks. The reports from Goldman Sachs (GS), Citi (C) and Bank of America (BAC) are due on Tuesday, Morgan Stanley (MS) will be published on Wednesday.

    At the same time, there remains uncertainty about whether the Federal Reserve will cut interest rates again. Some analysts argue that a favorable jobs report and data showing “sticky” consumer and wholesale inflation are an argument for not forgoing a rate cut in November. Retail sales data later in the week will feed into the debate over whether the economy has held up in the face of Fed policy – the preferred soft landing.

    Read more: What the Fed's interest rate cut means for bank accounts, CDs, loans and credit cards

    On the corporate front, Boeing (BA) shares fell amid questions about the future of the troubled aircraft maker. The company, which posted record losses of $5 billion in the third quarter, has cut 17,000 jobs as a month-long strike ravages production.

    Live9 updates

    • Fed Chairman Kashkari said “modest” interest rate cuts are “likely” in the coming quarters.

      Jennifer Schonberger of Yahoo Finance reports:

      Minneapolis Fed President Neel Kashkari said Monday it is “likely” the central bank will make “modest” interest rate cuts in the “coming quarters.”

      Monetary policy, he said during his speech in Argentina, remains “overall restrictive,” although it is unclear to him how restrictive it is.

      The labor market remains strong, he added, noting that recent data shows a rapid weakening of that market is not “imminent.”

      Therefore, “it appears likely that further modest reductions in our policy rate will be appropriate in the coming quarters to achieve both ends of our mandate,” Kashkari said.

      Read more here.

    • The Dow and S&P 500 remain near record levels, while technology and utility stocks are leading the rally

      Technology and utility stocks rose on Monday, helping the Dow Jones Industrial Average (^DJI) gain 0.3% and the S&P 500 (^GSPC) gain 0.6%. Both major averages were on track to close at new record highs.

      The tech-heavy Nasdaq Composite (^IXIC) rose the most among the major averages, rising 0.7%.

      Utilities and technology rose on MondayUtilities and technology rose on Monday

      Utilities and technology rose on Monday

    • SoFi Stock Rises on $2 Billion Fortress Deal to Expand Lending Platform

      SoFi Technologies (SOFI) shares rose as much as 9% after the online lender announced a $2 billion deal with Fortress Investment Group to expand its lending platform business. The segment connects pre-qualified borrowers to lending partners and connects lenders with borrowers.

      The move reflects SoFi's strategy to diversify from its roots in student loan refinancing.

      “SoFi’s lending platform business is an important part of our strategy to serve the financial needs of more members and diversify into less capital-intensive and more fee-based revenue streams,” SoFi CEO Anthony Noto said in a statement.

      Of the Wall Street analysts covering the stock tracked by Bloomberg, only six recommend buying the stock, while ten have a hold rating and three have a sell rating. The stock is up nearly 20% from a year ago, but far from its record intraday high of nearly $27 in the 2021 IPO.

      Analysts expect the stock to fall to $8.91 in the next 12 months, according to Bloomberg data.

    • Dow climbs into green and holds near record

      The Dow Jones Industrial Average (^DJI) fought its way into the green at 10:30 a.m. ET, holding on to new intraday record highs. The blue-chip index had fallen as much as 0.3% shortly after the market opened following a record close on Friday.

      Meanwhile, the S&P 500 (^GSPC) gained 0.6% on Monday and is on track for another record close.

    • TSMC stock hits record high, rejoins $1 trillion club

      Nvidia (NVDA) supplier TSMC (TSM) saw shares of its U.S.-listed shares rise more than 1% in early trading, with the stock hitting a new intraday record price of $193.96 per share and rejoined the $1 trillion club.

      TSMC shares hit an all-time high of over $193 apiece back in July after the Taiwanese contract chipmaker reported second-quarter earnings. That surge briefly pushed its market capitalization past $1 trillion before shares pared their gains. The stock fell back to earth as investors weighed its lofty valuation multiples, geopolitical risks and concerns about AI demand.

      TSMC last week reported third-quarter revenue of 759.7 billion new Taiwan dollars ($23.6 billion). That beat the NT$748.3 ($23.3 billion) expected, according to Bloomberg data, as well as the company's previous forecast of $22.4 billion to $23.2 billion.

      About 23 Wall Street analysts covering the stock tracked by Bloomberg recommend buying TSMC shares, while only one analyst has a hold rating. Analysts expect the stock to rise to $216.59 apiece over the next 12 months, according to Bloomberg data.

    • Boeing loses more than 2% as plane maker plans to cut 10% of workforce, strike enters 5th week,

      Shares of Boeing (BA) fell more than 2% as investors questioned the future of the troubled aircraft maker amid job cuts and a strike that is now in its fifth week.

      On Friday, the company said it would cut 17,000 jobs, or about 10% of its workforce.

      “Beyond addressing our current environment, recovering our business requires difficult decisions and we must make structural changes to ensure we remain competitive and able to deliver to our customers over the long term,” CEO Kelly Ortberg said in a message to employees posted on Boeing website on Friday.

      An ongoing strike by Boeing's largest union, the International Association of Machinists and Aerospace Workers (IAM), is proving costly for the company on several fronts.

      S&P Global put the cost of the strike, which began Sept. 1, at about $1 billion a month. Last week, talks between Boeing and IAM collapsed and the company withdrew its contract proposal.

    • Nvidia rises 2% and is close to the record

      Nvidia (NVDA) stock rose more than 2% at Monday's open, surpassing its June record high of $135.58.

      The stock was a few dollars away from its all-time intraday high just above $140.76.

    • The S&P 500 heads for a new record, the Dow slips as focus shifts to earnings

      Major averages opened mixed on Monday as investors focused on upcoming earnings from major banks and other quarterly results from major companies.

      The S&P 500 (^GSPC) rose about 0.3% and was aiming for a new record high. On Friday, the broader index closed above 5,800 for the first time.

      The tech-heavy Nasdaq Composite (^IXIC) rose 0.5% shortly after the bell on Monday, while the Dow Jones Industrial Average (^DJI) slipped 0.2% from its record close on Friday.

      Earnings season is in full swing this week, with Citi (C), United Airlines (UAL), AI chip equipment maker ASML (ASML), Netflix (NFLX) and American Express (AXP), among others, expected to report publish.

      Oil futures fell more than 2% as OPEC cut its demand forecast for 2024 and 2025. Traders also reacted to a lack of details from China's finance minister over the weekend on any major new stimulus spending.

    • Nvidia shares are aiming for a record high and top spot as the most valuable company ahead of Apple

      Nvidia (NVDA) shares rose 1% to $136.22 in premarket trading. This puts the chip maker on track to surpass its previous record closing price of $135.58 in June.

      The AI ​​chip maker's shares rose sharply in October following a massive $6.6 billion funding round for ChatGPT maker OpenAI, much of which will flow back to Nvidia. AI executives, including Nvidia CEO Jensen Huang, report huge demand for the company's latest Blackwell chips. The stock is up 8% in the past week.

      Nvidia's gains put the company on track to once again claim the rank of the world's No. 1 most valuable company by market capitalization. It is currently ranked #2 behind Apple (AAPL). The chipmaker's market cap was $3.3 trillion as of Monday, while Apple's was $3.46 trillion. Apple, Microsoft (MSFT) and Nvidia swapped places among the top three companies last year.

      Nvidia is scheduled to report earnings on November 19th. Wall Street analysts expect the company to report revenue of $33 billion, up 82% from a year ago, according to Bloomberg consensus estimates. About 90% of those who cover the stock and are tracked by Bloomberg recommend buying Nvidia shares.

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    Kathleen William
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