The S&P 500 and Nasdaq Composite closed at new all-time highs despite mixed price action, with the Russell 2000 also gaining while the Dow Jones Industrial Average fell slightly. Mega-cap stocks like Meta Platforms took a hit, affecting the communication services sector. Semiconductor stocks outperformed the broader market, with NVIDIA and Broadcom leading the gains in the sector.
Investors showed some hesitation ahead of key economic events this week, including the release of the consumer price index and producer price index, as well as the start of earnings season for large-cap banks. The bond market saw the 10-year bond yield holding steady while the 2-year bond yield rose slightly.
On the economic data front, consumer credit increased in May, with revolving credit growth showing strong acceleration. Looking ahead, the NFIB Small Business Optimism Survey is expected on Tuesday.
In company news, NVIDIA saw a boost after investment firms raised their price targets, while Broadcom gained ahead of its scheduled stock split. Boeing faced potential repercussions from a criminal plea related to 737 Max crashes, while United Airlines experienced another incident with a wheel coming off during takeoff. Vermilion Energy received approval for a stock tender offer, while Supermicrocomputer and other semiconductor companies benefited from growing demand for AI hardware. Intel shares rose following positive analyst comments, and Petrobras raised gasoline prices in Brazil. Kymera Therapeutics announced plans to expand trials for KT-474, while Microsoft required its China-based staff to use only iPhones for work. Amazon introduced a new Echo Spot alarm clock ahead of Prime Day.
Overall, the market showed mixed performance with some positive gains, while investors remained cautious amid upcoming economic data releases and corporate developments.
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