Stock markets soared to new highs today, with the S&P 500 and the Dow Jones Industrial Average climbing by 0.8% and 0.5%, respectively, amid robust gains in technology stocks. The Nasdaq Composite also rose by 0.9%, nearing a record itself, fueled by Nvidia's 3% surge as it approaches an all-time high. This upswing marks the continuation of a five-week rally driven by solid bank earnings and optimistic inflation data.
Despite today's federal holiday leaving U.S. government offices and banks shuttered, the stock market remained active, though no significant earnings or economic data releases were scheduled. The coming days, however, promise a slew of earnings reports and crucial economic updates.
Tech giants Microsoft (MSFT, Financial), Apple (AAPL, Financial), Meta Platforms(META, Financial), Alphabet(GOOGL, Financial), and Broadcom(AVGO, Financial) all escalated high, contrasting with Amazon's(AMZN, Financial) slight dip. Meanwhile, Boeing (BA, Financial) faced a downturn, shedding over 1% following an announcement of significant job cuts and anticipated pre-tax earnings charges totaling $5 billion in the third quarter. Caterpillar also saw a decline, dropping nearly 2% after Morgan Stanley downgraded its stock.
In the cryptocurrency sector, Bitcoin surged over 5% to reach about $66,000. Coinbase saw a 10% increase, and Marathon Digital Holdings rose by 7%.
Commodities experienced some volatility, with crude oil futures dropping by 2% due to ongoing Middle East tensions, which are potentially impacting global supply. Gold futures also fell, down about 0.5% to approximately $2,660 an ounce.
