Stocks Edge Higher After Mixed Trading Day
NEW YORK (AP) — Most U.S. stock indexes edged higher after a quiet day of mixed trading Monday following their latest winning week.
The S&P 500 rose 0.1% to 5,308.13, pulling within 0.02 of its record set last week. The Nasdaq composite gained 0.7% to set its own all-time high at 16,794.87. However, the Dow Jones Industrial Average slipped 0.5% to 39,806.77 after closing above the 40,000 level for the first time on Friday.
Norwegian Cruise Line led the market, surging 7.6% after giving financial forecasts for the year that exceeded analysts’ expectations. The company reported growing demand for cruises, with competitors Carnival rising 7.3% and Royal Caribbean Group gaining 4.1%.
The Federal Reserve’s potential interest rate cuts and strong corporate profits have boosted stock prices, with all three major U.S. stock indexes setting records last week.
This week, investors are looking forward to reports on corporate profits, including Nvidia’s latest quarterly results on Wednesday. The company’s stock climbed 2.5% ahead of the report, bringing its year-to-date gain to 91.4%.
In the bond market, yields ticked higher, with the 10-year Treasury rising to 4.44% and the two-year yield increasing to 4.84%. Traders are anticipating a rate cut from the Fed this year, with an 88% probability according to data from CME Group.
Overall, stock markets abroad saw modest gains across much of Asia and Europe.
The Federal Reserve will release the minutes from its latest meeting on Wednesday, where it held its main interest rate at the highest level in more than two decades. Fed Vice Chair Philip Jefferson expressed optimism about recent inflation data but noted that inflation is not declining as quickly as desired.
In summary, the stock market continues to show resilience and optimism, driven by positive economic indicators and corporate performance. Investors are closely monitoring upcoming reports and Fed actions for further guidance on market trends.
