Wall Street is on track for its third straight day of gains, with major large-cap indices extending records as investors remain optimistic about corporate earnings and upcoming rate cuts.
The S&P 500 rose 0.4% to 6,690 points after midday trading in New York. The Nasdaq 100 advanced 0.6% to nearly 24,750, while the Dow inched 0.1% higher to 46,350. The small-cap Russell 2000 rose 0.3%.
XLK shares are testing new highs. See what is driving the move here.
Technology's outperformance continues relentlessly. The sector, tracked by the Technology Select Sector SPDR Fund (NYSE:XLK), is up 4% over the past three sessions, its strongest three-day rally since May. For September so far, tech stocks are up 7.5%, putting them on course for their best September since 2010.
NVIDIA Corp. (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL), both up more than 3%, are pushing the so-called Magnificent Seven's combined valuation to a record $20.9 trillion. The 10 most valuable U.S. companies now carry a record market cap of $24.3 trillion. Nvidia alone is worth $4.44 trillion.
Gold is also shining, jumping 1.5% above $3,700 per ounce. Silver gained 2%, testing the $44 level, and is on track for its best month since May 2024.
Risk sentiment, however, is fading in cryptocurrencies. Bitcoin (CRYPTO: BTC) dropped more than 2% to $112,000. Losses were sharper in altcoins: Ethereum (CRYPTO: ETH) fell 6.3%, Solana (CRYPTO: SOL) slid more than 7% and Cardano (CRYPTO: ADA) tumbled 8%, all among the top 10 cryptos by market value.
Monday’s Performance In Major U.S. Indices, ETFs
| Major Indices | Price | 1-day chg. % |
| • Nasdaq 100 | 24,773.72 | 0.6% |
| • S&P 500 | 6,696.63 | 0.5% |
| • Russell 2000 | 2,455.60 | 0.3% |
| • Dow Jones | 46,395.17 | 0.2% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.4% to $614.41.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% higher to $463.47.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) edged 0.4% higher to $601.91.
- The iShares Russell 2000 ETF (NYSE:IWM) rose 0.30% to $243.70.
- The Technology Select Sector SPDR Fund outperformed, up 1.2%; the Consumer Staples Sector SPDR Fund (NYSE:XLP) lagged, down 1.7%.
S&P 500’s Top 5 Gainers
| Company | % Change |
|---|---|
| Teradyne Inc. (NASDAQ:TER) | 11.23% |
| Moderna Inc. (NASDAQ:MRNA) | 7.30% |
| Super Micro Computer Inc. (NASDAQ:SMCI) | 5.47% |
| Oracle Corp. (NYSE:ORCL) | 5.29% |
| Westinghouse Air Brake Technologies Corp. (NYSE:WAB) | 5.20% |
S&P 500’s Top 5 Losers
| Company | % Change |
|---|---|
| Kenvue Inc. (NYSE:KVUE) | -5.19% |
| Archer-Daniels-Midland Co. (NYSE:ADM) | -4.47% |
| Lennar Corp. (NYSE:LEN) | -3.97% |
| Bunge Global SA (NYSE:BG) | -3.66% |
| United Airlines Holdings Inc. (NASDAQ:UAL) | -3.45% |
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Image created using artificial intelligence via Midjourney.
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