Wall Street’s major indexes rose higher at the open on Monday, with the US stock market entering the final week of June ending the first half of 2024 near record highs.
THE Dow Jones gained 0.82% to 39,471.90, the Nasdaq gained 0.17% to 17,715.30 and the S&P 500 gained 0.42% to 5,488.37.
Nvidia shares fell 2.6%, adding to a 4% decline last week that snapped an eight-week winning streak. The withdrawal came after Nvidia briefly removed it Microsoft as the company with the largest capitalization in the US.
Despite the decline, however, shares of the artificial intelligence tech giant are still up about 150% year to date, making it the second-best performer in the S&P 500.
Excitement around artificial intelligence has boosted the market significantly this year, even as investors face shifting expectations of lower interest rates and a slowing economy. The S&P 500 is up nearly 15% this year after 31 record closes.
Investors will be closely watching May’s personal consumer spending data, the Federal Reserve’s preferred gauge of inflation, due Friday.
Corporate results from major companies, including FedEx and Nike, are also expected this week.
US stocks are coming off a record week, with the S&P 500 and Nasdaq hitting new all-time high