"Wall Street is rising toward more records on Monday at the start of a week that could show whether the U.S. stock market's big recent rally has been overdone or prescient. The S&P 500 rose 0.4% and was on track to top its latest all-time high, which was set last week. The Dow Jones Industrial Average was up 33 points, or 0.1%, as of 1:54 p.m. Eastern time, and the Nasdaq composite was adding 0.8% to its own record."
"Tesla helped lead the way and rose 5.3% after Elon Musk bought stock worth roughly $1 billion through a trust. The electric vehicle company's stock price came into the day with a slight loss for the year so far, and the purchase could be a signal of Musk's faith in it. That helped overshadow an early dip for Nvidia after China accused the chip company of violating its antimonopoly laws. Chinese regulators did not mention a punishment for Nvidia in a one-sentence statement on the matter but did say they would carry out "further investigation." The stock was down more than 1% in early trading, but has since recovered to near break-even."
"The main event for the market will arrive on Wednesday. That's when the Federal Reserve will announce its latest decision on interest rates, and the unanimous expectation is for its first cut of the year. Such a move could give a kickstart to the job market, which has been slowing. Stocks have already run to records on the assumption that a cut is coming on Wednesday, though."
U.S. stocks climbed toward fresh records as major indexes rose, with the S&P 500 and Nasdaq approaching all-time highs and the Dow modestly higher. Tesla surged after Elon Musk bought roughly $1 billion of shares through a trust, lifting sentiment. Nvidia fell early after Chinese regulators accused it of antitrust violations and said they would conduct further investigation, but the stock recovered to near break-even. Investors focused on the Federal Reserve's Wednesday decision, with a unanimous expectation for a first rate cut this year and forecasts for further easing through 2025–26, raising the risk of disappointment if cuts are less aggressive.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]