Stocks rose higher on Monday, with the tech-heavy Nasdaq Composite closing at a new record high of 17,879.30, as investors kicked off the month of July and the second half of the year. The Dow Jones Industrial Average also climbed more than 50 points, while the S&P 500 Index advanced nearly 0.3%.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Focus:
Wall Street is coming off a strong first-half of the year as the emerging artificial intelligence industry dominated by stocks like Nvidia
Investors have grown concerned over lack of market breadth entering the second half of the year, BTIG Chief Market Technician Jonathan Krinsky wrote in a note Sunday, as the equal-weight S&P 500
"The breadth expansion that was occurring in late '23 fizzled out and was never able to find its footing despite cooling inflation and lower long-term rates," Krinsky wrote, adding that small-caps could become "the 'canary in the coalmine' rather than a rotation opportunity."
On the Economic Front:
The U.S. Manufacturing Sector contracted further in June, according to the Institute for Supply Management's purchasing managers index reading released Monday, down 0.2 percentage points from May to 48.5%. Readings below the neutral level of 50% indicate contraction.
In the News:
Shares of Norwegian Cruise Line
Boeing
"Among the many actions we're taking as a company, this is one of the most significant in demonstrating our unwavering commitment to strengthen quality and make certain that Boeing is the company the world needs to be," Boeing CEO Dave Calhoun said in a message to employees, quoted by CNBC.
For Tuesday:
Market participants will turn their attention towards May's job openings report as well as a speech from Federal Reserve Jerome Powell in Portugal Tuesday morning.