Growth stocks rose as the broader market lagged on Monday as gains from tech companies pushed the Nasdaq Composite higher. The tech-heavy index rose nearly 0.7% on the day, while the S&P 500 Index closed slightly higher and the Dow Jones Industrial Average plunged roughly 200 points.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In the News:
JPMorgan Chase
Shares of Hims & Hers
The GLP-1 market, which includes Novo Nordisk's
Target
"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more ... these new lower prices across thousands of items will add up to additional big savings for millions of consumers that shop Target each week for their everyday needs," Rick Gomez, chief food, essentials and beauty officer at Target, said in a statement.
Zoom Out:
Federal Reserve Vice Chair Philip Jefferson on Monday said in prepared remarks for a speech in New York that while the rate of price increases has "eased dramatically" from its peak in 2022, the Fed still needs to hold interest rates at their current level to support the economy.
"I believe that our policy rate is in restrictive territory as we continue to see the labor market come into better balance, and inflation decline although nowhere near as quickly as I would have liked," Jefferson said.
Bank of America Global Economist Claudio Irigoyen echoed that sentiment in a note on Monday, saying that interest rate cuts are further away than much of the market would prefer.
"1Q inflation was too high, and a single print should not deliver much comfort, especially if it annualizes to a rate much higher than consistent with the Fed's target," Irigoyen worte. "Furthermore, the economy is still solid, including services spending, the labor market remains tight, supply tailwinds could fade, and elections are approaching."
For Tuesday:
Market participants will react to earnings reports from companies including Palo Alto Networks