The markets started the week pushing to record highs as investors await the Fed meeting this week. It is widely anticipated that the Fed will begin to reduce its balance sheet as it unwinds from the financial collapse of 2008. This sent the Dow 30 higher by 65, the S&P 500 higher by 3, and the Nasdaq 100 up 6. Tomorrow investors will get a look at housing starts which can be a market mover but all eyes will turn to Wednesday's meeting.
Equifax (EFX ) continues to be a dominant headline after the massive data breach on September 7. It was announced today that the turmoil has caused two of its top executives, chief information officer and chief security officer, to leave the company. The key point to the headline was that they left and were not fired. In addition to that, short-seller Carson Block was all over financial media today announcing that he is suing Equifax. Though the stock finished higher today, shares are down around 35% since the news broke.
Nvidia (NVDA ) was a big mover today as shares hit another all time high, gaining 4.13% in the process. The stock got another upgrade from analysts at Bank of America Merrill Lynch. According to the note the firm said they "expect Nvidia to be the dominant supplier" in the $30 billion AI chip market. The company adjusted their price target to $210 which means they think there is still another 15% upside from here. Shares are up almost 90% on the year.
Caterpillar Inc. (CAT ) broke to new highs today gaining 2.03% helping the Dow in its strong day. The stock has been on a consistent uptrend since April with consistent trading volume along the way. With consistent news on a strengthening economy the bulls have enjoyed their move higher. Even on weak Dow days Caterpillar continues to press ahead. For the year shares are up over 30%.