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Stocks saw mostly positive movement early in the day and continued to perform well in afternoon trading on Monday. This ongoing advance builds on the significant rally that occurred at the end of last week.In the latest activity, the Nasdaq and S&P 500 reached new session highs.
The Nasdaq is up 128.94 points or 0.8% at 16,285.26, the S&P 500 is up 36.67 points or 0.7% at 5,164.46, and the Dow has increased by 137.92 points or 0.4% at 38,813.60.
Stocks are being buoyed by the recent positive momentum seen over the last two sessions, which is partly due to renewed optimism about the outlook for interest rates.
Federal Reserve Chair Jerome Powell’s relatively dovish comments and lower-than-expected job growth in April have largely dispelled brief concerns that the Fed might consider raising rates.
Instead, investors are now more confident that rates could be lowered in the coming months, with the probability of a rate cut by September standing at 83.5%, according to CME Group’s FedWatch Tool.
Despite this, overall trading remains somewhat quiet due to the lack of major U.S. economic data, causing some traders to remain cautious.
The economic calendar for the week is fairly subdued, though a preliminary reading on May’s consumer sentiment could draw attention, along with statements from various Fed officials.
In terms of individual stocks, Bausch + Lomb (BLCO) saw a significant increase in shares after Morgan Stanley upgraded its rating on the eye care company from Equal Weight to Overweight.
Media and entertainment conglomerate Paramount Global (PARA) also saw a rise after the New York Times reported the company started formal negotiations with a bidding group led by Sony Pictures Entertainment and private equity firm Apollo.
Conversely, Spirit Airlines (SAVE) shares tumbled after the budget airline reported a slightly larger first-quarter loss than anticipated and offered weak revenue guidance for the second quarter.
Sector Updates
Gold stocks remain notably strong today, with the NYSE Arca Gold Bugs Index up by 2.2%.This rally in gold stocks is happening alongside a rise in gold prices, as the precious metal for June delivery increased by $24.70 to $2,333.30 an ounce.
Computer hardware stocks have also experienced a notable uptick, leading the NYSE Arca Computer Hardware Index up by 2.0%.
Semiconductor, brokerage, and housing stocks are also showing significant gains, following the upward trend of most major sectors.
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