S&P, NASDAQ Hit Record Highs by Noon
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 246.58 points to 44,588.77.
The S&P 500 sprinted 38.27 points to 6,335.06.
The NASDAQ Composite popped 153.85 points to 21,063.84. S&P and NASDAQ readings hit intraday highs during the first two hours.
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.
Alphabet increased around 2%, while others like Meta Platforms and Apple advanced more than 1%.
Prices for the 10-year treasury climbed, weighing yields to 4.35% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices demurred 42 cents to $66.92 U.S. a barrel.
Gold prices boomed $53.30 to $3,411.60 U.S. an ounce.
