Stocks rise slightly after S&P 500’s landmark close

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U.S. stocks edged higher on Monday after the S&P 500 index hit a historic close as investors braced for the year’s first major inflation update and the next earnings report.

The S&P 500 (^GSPC) rose 0.3% after a record week in which the benchmark ended above 5,000 for the first time. The Dow Jones Industrial Average (^DJI) rose about 0.5%, and the tech-heavy Nasdaq (^IXIC) rose about 0.3%.

Shares of chipmaker Nvidia (NVDA) rose 2% on Monday, setting a new record. Britain’s Semiconductor Design Arm (ARM) also set a new record, extending its gains from last week.

Stock prices have risen as the market has seen a series of better-than-expected earnings, with tech giants leading the way. John Deere (DE), Coca-Cola (KO), Airbnb (ABNB), and Kraft Heinz (KHC) in their next batch of quarterly reports, which will serve as document highlights in the coming days. It is attracting attention.

But the week will bring new challenges to the bull market, with January’s consumer price index expected to be released on Tuesday. The CPI report gives investors the first insight into how well inflation is on track in 2024, along with an update on consumer spending and an update on the timing and pace of the Federal Reserve’s interest rate cuts this year. It will set expectations.

read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards

Traders are scaling back bets on a March interest rate cut amid a series of warnings from cautious Fed officials. There will be more Fedspeak on Monday, with regional presidents Michelle Bowman, Tom Barkin and Neel Kashkari set to appear.

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Monday, February 12, 2024, 11:15pm (GMT+5:30)

Nvidia’s market capitalization exceeds Amazon, Alphabet

Nvidia’s (NVDA) market capitalization surpassed the valuations of Amazon (AMZN) and Alphabet (GOOG) as the chip maker’s stock hit a new all-time high on Monday.

The stock has risen more than 50% since the beginning of the year, hitting an intraday high of $746.11 per share.

Nvidia’s market capitalization reached $1.83 billion on Monday, surpassing Amazon’s $1.8 billion. The chipmaker is slightly larger than Alphabet, which has a market capitalization of about $1.82 billion.

Nvidia surpassed Amazon in market capitalization on Monday as chipmaker stocks continue to rise.
Monday, February 12, 2024, 10:30pm (GMT+5:30)

Arm stock soars 30% as AI forecast expands rally

Arm Holdings (ARM) shares rose more than 30% on Monday, extending last week’s more than 60% rise after the designer of Britchchip Inc. announced better-than-expected earnings guidance.

Investors are betting that the company is well-positioned to benefit from the AI boom.

The stock is up 100% since last Wednesday, when Arm’s quarterly results were released.

“Arm’s licensing revenue was supported by increased demand for new technologies, particularly AI,” the company said in its latest letter to shareholders.
Monday, February 12, 2024 10:15pm (GMT+5:30)

Forget Microsoft and Apple, Alphabet, Amazon, and Nvidia are competing for $2 trillion.

Microsoft (MSFT) may have supplanted Apple (AAPL) as the top spot on Friday with its highest market cap ever ($3,124,869,988,352), but both companies are in the red today. There is.

Another interesting race is emerging for third place between Alphabet (GOOGL), Amazon (AMZN), and Nvidia (NVDA). Even though Alphabet has posted a respectable 6% gain so far this month, the ferocious gains of Amazon (up 12%) and Nvidia (up 17%) are due to the fact that one of the latter two It suggests the possibility of becoming the top. The third The valuation of U.S. listed companies is expected to reach $2 trillion. (Alphabet rebounded just short of this mark in November 2021.)

“Mag7” market capitalization competition intensifies

Nvidia, which now accounts for more than a quarter (26%) of the S&P 500’s market capitalization increase this year, is rising. only It accounts for 4% of the weight of the benchmark index.
Monday, February 12, 2024 9:47pm (GMT+5:30)

Stocks rise slightly after record-setting week for S&P 500

Stock prices rose slightly in mid-morning, with the Dow Jones Industrial Average (^DJI) rising 0.3% and the tech-heavy Nasdaq Composite Index (^IXIC) rising 0.3%.

The S&P 500 (^GSPC) rose 0.2% after a record week in which the benchmark ended above 5,000 for the first time in history.

Chipmaker Nvidia (NVDA) rose 2% on Monday, hitting another all-time high. Airbnb (ABNB) stock rose 4% ahead of the house-sharing platform’s quarterly results scheduled for Tuesday.
Monday, February 12, 2024 8:51 PM GMT+5:30

Diamondback stock rises 8% on merger agreement

Diamondback Energy (FANG) soared more than 8% on Monday after the oil and gas producer announced it would acquire privately held Endeavor Energy for $26 billion in a cash and stock deal.

The consolidation move between players in the Permian Basin follows a series of recent alliances in the field.

Ed Haas, an economist and energy researcher at the University of Houston, told Yahoo Finance that the deal is “logical.” “The combined companies will definitely see some savings.”

According to the merger announcement, the combined company will expand in the following ways: 838,000 net acres; 816,000 barrels of oil and gas per day.

The operation will break even on West Texas Intermediate (CL=F) at less than $40 per barrel. WTI is currently trading above $76 per barrel.
Monday, February 12, 2024, 8:03 PM GMT+5:30

Stocks stabilize after record week for S&P 500

The S&P 500 (^GSPC) opened near the flatline on Monday after a record week in which the benchmark closed above 5,000 for the first time in history.

The Dow Jones Industrial Average (^DJI) fell 0.1%, but the tech-heavy Nasdaq Composite Index (^IXIC) generally traded stably.

Sectors that rose on Monday included energy, real estate and materials. Technology and healthcare stocks fell slightly.