Wall Street today: Nasdaq surges to record high, led by chipmakers

At 9:57 a.m. ET, the Dow Jones Industrial Average was down 2.21 points, or 0.01 per cent, at 40,001.38, the S&P 500 was up 17.35 points, or 0.33 per cent, at 5,320.62, and the Nasdaq Composite was up 107.79 points, or 0.65 per cent, at 16,793.76. At the opening bell, the Dow Jones Industrial Average fell 13.83 points, or 0.03 per cent, to 39,989.76. The S&P 500 was higher by 2.08 points, or 0.04 per cent, at 5,305.35, while the Nasdaq Composite gained 16.06 points, or 0.10 per cent, to 16,702.02. 

Minutes of Fed’s May FOMC (Federal Open Market Committee) meeting will be released on May 22 (Wednesday).

ALSO READ: Wall Street week ahead: Spotlight on Fed minutes, Nvidia Q1 earnings

Chipmaker Nvidia will report its fiscal first quarter results on Wednesday. Its stock was up 2.6 per cent on Monday.

Micron Technology shares climbed 4 per cent.

Shares of Target fell 1.3 per cent after the retailer said on Monday that it would cut prices on thousands of everyday essentials, such as milk and diapers.

The yield on the 10-year Treasury rose to 4.43 per cent from 4.42 per cent late on Friday. The 2-year yield was holding steady at 4.83 per cent.

Crude oil

Oil prices declined on Monday after a Federal Reserve official suggested inflation data in the US was not sufficiently convincing to lower borrowing costs.

Brent crude was down 50 cents, or 0.6 per cent, at $83.48 a barrel by 1321 GMT. The US West Texas Intermediate (WTI) June contract, set to expire on Tuesday, fell 59 cents, or 0.7 per cent, to $79.47. 

Bullion

Gold prices hit a record high on Monday as the shock death of Iranian President Ebrahim Raisi in a helicopter crash boosted support for the precious metal seen as a safe haven investment.

Silver jumped to the highest level in more than 11 years.

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Published: 20 May 2024, 07:52 PM IST