The U.S. stock market had a positive start to the week, with all major stock averages showing modest yet encouraging gains on Monday.
Notably, Tesla Inc. experienced a significant surge of up to 10%, marking its strongest daily increase since January 2023. This boost came after Morgan Stanley upgraded the company and raised its price target.
Qualcomm Inc. also climbed over 3.5%, leading semiconductor stocks, due to securing a 3-year 5G supply agreement with Apple Inc.
Investors are eagerly awaiting the release of the US CPI report on Wednesday, with the headline inflation rate expected to rise to 3.6% for August.
In Monday’s trading, the S&P 500 rose 0.4%, the Dow Jones increased by 0.2%, and tech stocks in the Nasdaq 100 outperformed with a 0.6% rise. Small caps on the Russell 2000 also saw a 0.3% increase.
Looking at major US equity ETFs on Monday, the SPDR S&P 500 ETF Trust rose 0.4%, the SPDR Dow Jones Industrial Average ETF increased by 0.2%, and the Invesco QQQ Trust gained 0.5%.
In terms of S&P 500 sectors, the Consumer Discretionary Select Sector SPDR Fund led gains with over 2.2% increase, while the Energy Select Sector SPDR Fund was the laggard, down 0.4%.
Moving forward, important economic data releases throughout the week, such as the consumer price inflation report, jobless claims report, and producer price inflation report, could impact the market.
Some stocks in focus include Apple, which remained relatively flat ahead of an upcoming iPhone launch event, Nvidia Corp., which fell 2%, and Qualcomm Inc., which rose 3.6%. Additionally, Carlisle Companies Inc. rose over 10% after rejecting a buyout proposal.
Crude oil prices rose 0.4%, Treasury yields were mixed, the dollar fell, and European equity indices closed in the green. Gold and silver prices also saw increases, while Bitcoin experienced a slight decline.