Stocks ended Monday's session mixed, with the S&P 500 eeking out a new record closing high as market participants prepared for one of the busiest weeks of the first-quarter earnings season and the Federal Open Market Committee's latest monetary policy decision later this week.
Roughly a third of the S&P 500 is slated to release first-quarter earnings reports this week, including mega-cap tech companies Alphabet (GOOG ), Amazon (AMZN ), Apple (AAPL ) and Microsoft (MSFT ).
Here's how the market settled to start the week:
S&P 500 Index (SPY ): +0.18% or +7.45 points to 4,187.62
Dow Jones Industrial Average (DIA ): -0.18% or -61.92 points to 33,981.57
Nasdaq Composite Index (QQQ ): +0.87% or +121.97 points to 14,138.78
For Stocks, Apple announced it will invest $430 billion in the United States over the next five years, including building a new employee campus in North Carolina. Casper Sleep (CSPR ) shares rose more than 27% on Monday after Wedbush upgraded the stock to a rating of outperform from neutral. The firm noted that Casper is expected to gain market share after the company had fixed some of the execution problems that harmed Casper last year.
For Sector Performance, sectors on the S&P 500 were mostly higher on Monday with Energy (XLE ) and Consumer Discretionary (XLY ) leading gains. Only Industrials (XLI ), Health Care (XLV ), Utilities (XLU ) and Consumer Staples (XLP ) slipped lower.
For Commodities and Currency, the U.S. Dollar (UUP ) partially recovered from an eight-week low on Monday as investors looked ahead to the Federal Reserve's monetary policy meeting this week. The dollar index was down slightly after six other currencies in afternoon trading at 90.828. Gold (GLD ) prices rose on the steadying dollar as investors also focused on the central bank's meeting. Spot gold was up 0.1% to $1,778.50 per ounce, while U.S. gold futures was 0.12% higher at $1,780.00 per ounce. Crude oil futures slipped lower on Monday on increased coronavirus pandemic demand fears surrounding India, the world's third largest oil importer. International benchmark, Brent Crude (BNO ) declined 0.64% to $65.73 per barrel, while domestic index West Texas Intermediate (USO ) dropped down 0.2% to $62.02 each. Both benchmarks rose 1.1% and 1.2%, respectively, on Friday.
For Tuesday, market participants will continue to trade with the Federal Open Market Committee's monetary policy meeting in mind as inflation concerns wash over markets. Investors will also react to Tesla's (TSLA ) quarterly earnings.