Major United States benchmark averages advanced on Monday (Tuesday AEDT), led by gains in technology stocks, with the Dow Jones Industrial Average touching a fresh record high as investors positioned ahead of key economic data and another round of corporate earnings.
The Dow Jones Industrial Average added 20.2 points or 0.04% to 50,135.9, posting a fresh intraday and closing record. The S&P 500 rose 32.5 points or 0.5% to 6,964.8, while the Nasdaq Composite climbed 219.3 points or 1% to 23,249.8 as chipmakers and artificial intelligence-linked names extended recent gains.
Nvidia and Broadcom were once again among the session’s standout performers, rising 2.5% and 3.3%, respectively, and building on strength from the previous trading day.
Oracle surged 9% after D.A. Davidson upgraded the stock to “buy” from “neutral”, citing optimism surrounding OpenAI and the broader artificial intelligence ecosystem.
The latest gains followed a volatile week that ended with a sharp rebound on Friday. The Dow surpassed the 50,000 mark for the first time, recovering from earlier losses triggered by a technology-led sell-off, particularly in software stocks.
Among individual corporate movers, Hims & Hers Health tumbled 16% after Novo Nordisk filed a patent infringement lawsuit against the telehealth company.
Workday shares declined 5.1% after the human resources software provider announced that co-founder Aneel Bhusri would return as chief executive.
Apollo Global Management gained 0.7% after reporting a 13% increase in fourth-quarter profit, while Kroger rallied 3.9% after naming former Walmart executive Greg Foran as its new chief executive.
Attention now turns to upcoming earnings, with Coca-Cola and Ford Motor scheduled to report quarterly results on Tuesday.
Investors are also awaiting the delayed January employment report from the Bureau of Labor Statistics, now due on Wednesday (Thursday AEDT) after being postponed because of the partial government shutdown.
The data will be closely scrutinised following last week’s ADP report, which showed private payrolls rose by just 22,000 in January, well below expectations. Economists forecast the official report will show a gain of 70,000 jobs.
The January consumer price index, also delayed by the shutdown, is scheduled for release on Friday (Saturday AEDT). Consensus expectations point to annual inflation of 2.5%.
Markets are currently pricing in the first interest rate cut of the year in June, according to the CME Group FedWatch Tool. That timing could coincide with U.S. President Donald Trump’s nominee for Federal Reserve chair, Kevin Warsh, assuming the role.
On the bond markets, Treasury yields eased, with the 10-year and 2-year yields each falling 0.2% to 4.2% and 3.487%, respectively.
