Advertisment
The S&P 500 rose slightly on Monday, as Nvidia gains led tech stocks higher, and investors looked ahead to the Federal Reserve’s interest rate decision.
The Dow Jones Industrials had regrouped 69.05 points to close at 38,868.04.
The much-broader index gained 13.8 points to 5,360.79.
The NASDAQ took on 59.4 points to 17,192.53.
Nvidia shares were up 1% as the stock’s 10-for-1 spilt took effect. Shares of Meta also rallied 1%, pushing the S&P 500 tech sector 0.5% higher.
The Fed’s latest rate decision and May’s consumer price index slated for Wednesday could be key tests for markets, especially after Friday’s strong jobs report continued to suggest the central bank could hold off on lowering rates.
Eli Lilly shares have already gained about 48% year to date, but the stock hit a fresh 52-week high in trading Monday. A U.S. Food and Drug Administration panel unanimously agreed its Alzheimer’s treatment, donanemab, was effective for patients in the early stages of Alzheimer’s disease. Although the panel’s recommendations are nonbinding, the agency typically follows its guidance.
Investors also kept an eye on Apple’s Worldwide Developers Conference at which the iPhone maker is anticipated to makes its latest software announcements.
Prices for the 10-year Treasury fell, raising yields to 4.47% from Friday’s 4.43%. Treasury prices and yields move in opposite directions.
Oil prices rose $2.35 to $77.78 U.S. a barrel.
Gold prices revived $2.30 to $2,327.30
