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Today’s Stock Market Updates: Live Coverage

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The VanEck Semiconductor ETF (SMH) closed at a record high on Monday, driven by a more than 2% leap fueled by Nvidia’s strong performance. Nvidia, a chip giant, saw a 2.5% jump as investors eagerly awaited the company’s upcoming earnings report on Wednesday afternoon.

Analysts at Baird reiterated their buy rating on Nvidia and raised their price target to $1,200 from $1,050, expressing confidence in the stock’s potential. Tech investor Dan Niles also chimed in, stating that Nvidia is undervalued heading into earnings.

Other semiconductor companies in the SMH ETF also had a solid day, with Broadcom up 1.3%, Qualcomm gaining 2%, and Micron Technology ending the day with nearly a 3% advance.

In extended trading, some stocks made notable moves after the bell. Palo Alto Networks saw an 8.5% drop despite beating expectations for the fiscal third quarter, while Peloton slipped 2.1% after announcing a refinancing plan. Keysight Technologies tumbled 2.7% on weak guidance for the current quarter.

Meanwhile, in the cryptocurrency market, Ether led a rally on Monday, surging about 15% to around $3,500 amid optimism around the U.S. Securities and Exchange Commission’s decision on spot ether exchange-traded funds applications. Bitcoin also gained more than 4%, briefly touching $70,000 for the first time since April.

Crypto-related stocks also saw gains, with Coinbase and MicroStrategy jumping 8% and 9% respectively, while miners Marathon Digital and CleanSpark advanced 14% each.

As the day came to a close, stock futures were near flat, with Nasdaq 100 futures slipping around 0.1% and S&P 500 and Dow futures moving marginally.

Overall, it was a day of highs and lows in the markets, with semiconductor stocks and cryptocurrencies making significant moves as investors eagerly awaited key earnings reports and regulatory decisions.

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