The stock market is experiencing a positive and steady trend, with consistent gains and minimal volatility, according to Mark Hackett, chief of investment research at Nationwide. Tech stocks, particularly chipmakers like Nvidia, Broadcom, and Advanced Micro Devices, have been driving the market higher, offsetting declines in other sectors such as communication services and energy.
One standout performer on Monday was specialty glassware maker Corning, which surged 12% after raising its sales forecast. However, troubled airplane maker Boeing also saw a slight increase of 0.5% after agreeing to plead guilty to a criminal fraud charge related to the 737 Max jetliner crashes.
On the flip side, entertainment giant Paramount Global experienced the biggest decline among S&P 500 stocks, sliding 5.3% after announcing a merger with Skydance.
Overall, the S&P 500 rose 5.66 points to 5,572.85, the Nasdaq added 50.98 points to close at 18,403.74, and the Dow fell 31.08 points to 39,344.79.
Looking ahead, traders are anticipating several key earnings reports this week, including updates from Delta Air Lines, JPMorgan, Citigroup, and Wells Fargo. Additionally, Federal Reserve Chair Jerome Powell is set to address Congress to discuss the central bank’s efforts to tame inflation and maintain economic growth.
Inflation remains a key concern for investors, with the latest government report expected to show a slight easing to 3.1% in June. Treasury yields were relatively stable in the bond market, with the yield on the 10-year Treasury falling slightly to 4.27%.
Meanwhile, European stocks were mixed following France’s divided elections, while stocks in Asia fell. Experts are cautiously optimistic about the market, with expectations for a potential rate cut from the Fed later this year.
