Stocks rose to record levels on Monday as investors continued to build on Wall Street's recent momentum. The Dow Jones Industrial Average climbed nearly 140 points to close above 38,000 for the first time, while the S&P 500 rose more than 0.2% to reach a fresh all-time high of 4,850.43. The Nasdaq Composite also added over 0.3% on the day.
Here's how the market settled on Monday:
S&P 500 Index (NYSE: SPY): +0.22% or +10.62 points to 4,850.43
Dow Jones Industrial Average (NYSE: DIA): +0.36% or +138.01 points to 38,001.81
Nasdaq Composite Index (NASDAQ: QQQ): +0.32% or +49.32 points to 15,360.29
Making headlines: Macy's (NYSE: M) said Sunday it had rejected a $5.8 billion buyout proposal from real estate investment firm Arkhouse Management and hedge fund partner Brigade Capital Management to take the legacy department store private. The investment pair said there is "the potential for a meaningful increase to the original proposal if we are granted access to the necessary due diligence," Arkhouse said in a statement.
Macy's stated that its board has decided "not to enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade."
Outside of Wall Street, Florida Governor Ron DeSantis ended his 2024 presidential campaign and endorsed former President Donald Trump on Sunday. "If there was anything I could do to produce a favorable outcome - more campaign stops, more interviews - I would do it, but I can't ask our supporters to volunteer their time and donate their resources if we don't have a clear path to victory," DeSantis said in a Sunday post on X, formally known as Twitter.
In major sector updates: Boeing (NYSE: BA) shares continued to be in flux on Monday after the U.S. Federal Aviation Administration recommended for airlines using the 737-900ER plane models to conduct inspections. This decision comes after a door plug blew off a 737 Max 9 Alaska Airlines (NYSE: ALK) flight mid-flight. The FAA noted that the 737-900ER is "not part of the newer MAX fleet" but use the same design.
Spirit Airlines (NYSE: SAVE) shares jumped higher on Monday after the air carrier alongside JetBlue said after market close on Friday that the pair will appeal the U.S. court's ruling to block the companies' planned $3.8 billion merger due to antitrust concerns.
In single-stock news: Gilead Sciences (NASDAQ: GILD) shares fell on Monday after the biotech's key cancer treatment failed to significantly extend life expectancy for patients with advanced or metastatic non-small cell lung cancer in a late-stage clinical trial. The treatment, Trodelvy, is already approved to treat some types of bladder and breast cancers and is one of the company's best-selling cancer drugs.
SolarEdge (NASDAQ: SEDG) announced on Sunday it is cutting 16% of its workforce, impacting 900 employees, as the solar energy manufacturer works to restructure its business to improve costs. "We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics," CEO Zvi Lando said in a statement.
For Tuesday: market participants are gearing up for earnings reports from companies including United Airlines (NASDAQ: UAL) after closing bell and Johnson & Johnson (NYSE: JNJ), Procter & Gamble (NYSE: PG), Verizon (NYSE: VZ), 3M (NYSE: MMM), and Netflix (NASDAQ: NFLX) on Tuesday.