S&P, NASDAQ at Record Highs to Start Week

U.S. stocks moved higher on Monday as investors tracked the latest developments in trade and awaited the start of big tech earnings this week.

The Dow Jones Industrial Average leaped 172.34 points to begin a new week at 44,514.43

The S&P 500 sprinted 36.78 points to 6,33.57.

The NASDAQ Composite popped 168.18 points to 21,063.84. S&P and NASDAQ readings hit intraday highs during the first two hours.

The market was bolstered by moves in major technology names. Alphabet increased around 2%, while others like Meta Platforms and Apple advanced more than 1%.

Trade was once again in focus as the White House reiterated its position on tariffs.

On Sunday, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, though he also added that “nothing stops countries from talking to us after Aug. 1.”

This comes as earnings season is off to a strong start. Of the 62 S&P 500 companies that have reported thus far, more than 85% have topped expectations, according to FactSet data. Earnings for the second quarter are also tracking 5% year-over-year growth following the first week of results, per Bank of America.

The major averages could receive a boost in the week ahead if Alphabet and Tesla — the first of the so-called “Magnificent Seven” companies set to report — manage to beat estimates. The megacaps are expected to be a major driver of earnings growth during the second-quarter earnings season.

One commentator expects the Magnificent Seven will post earnings growth of 14% in the second quarter, while the other 493 S&P 500 companies are seen posting growth of just 3.4%.

Prices for the 10-year treasury climbed, weighing yields to 4.36% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.

Oil prices demurred 68 cents to $66.66 U.S. a barrel.

Gold prices boomed $52.40 to $3,410.700 U.S. an ounce.