Stock market today: S&P 500, Nasdaq hold near record highs as Wall Street rises

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U.S. stock futures held near record highs on Monday ahead of a holiday-shortened trading week, as Wall Street wondered whether the bull rally that has rumbled through 2024 has more room to continue.

Tech-heavy Nasdaq Composite (^IXIC) hovered around the flat line as the index capped a “perfect” week in Friday’s session with its fifth consecutive record close. The S&P 500 (^GSPC) fell 0.1%, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

Stocks have continued to rise as a technology-fueled rally has Wall Street revising its targets for the S&P 500 for next year. Evercore ISI raised its year-end price target to 6,000, while Goldman Sachs raised its target to 5,600. The benchmark index hit the 5,400 level for the first time last week.

With last week’s double dose of inflation reports and the Federal Reserve meeting behind the markets, fewer catalysts are in place to greet investors this week. The highlight will be Wednesday’s retail sales report, which provides a glimpse into the health of the US consumer.

Fed policymakers are likely to continue their chatter after last week’s decision. Minneapolis Fed President Neel Kashkari hinted Sunday that a December rate cut could be the Fed’s only move this year. Investors are pricing in about a two-thirds chance that the central bank will start tapering by September, according to the CME FedWatch tool. John Williams of the New York Fed and Patrick Harker of the Philadelphia Fed are scheduled to appear on Monday.

LIvINg2 updates

  • Nvidia hits a new record while the rest of the market is little changed

    Nvidia (NVDA) hit new record highs on Monday, as the chip giant continued to lead the Nasdaq Composite (^IXIC) higher.

    The stock gained almost 1% while the rest of the market was muted. Nvidia is up more than 170% year-to-date.

    Nvidia has far outperformed the remaining Magnificent Seven stocks and Nasdaq 100 (^NDX) components.

  • Stocks are little changed to start a shortened trading week

    Stocks were little changed on Monday to kick off a holiday-shortened trading week.

    The Nasdaq Composite ( ^IXIC ) gained almost 0.1% as the tech-heavy index posted five straight sessions of record closes last week.

    The S&P 500 (^GSPC) fell 0.1% after also hitting record highs last week, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

    The stock market has been rising despite diminished investor expectations for a rate cut in 2024. The market now expects the Federal Reserve to cut rates just once this year after the central bank’s last policy meeting last week.

    Technology-related stocks continued to gain on Monday. Year to date, the S&P 500 Information Technology Sector ETF ( XLK ) is up more than 18%, compared with the broader benchmark’s 13% gain.

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