US close: Tech stocks push indices to new record highs

Markets started off a shortened trading week in positive fashion ahead of the Juneteenth US public holiday on Wednesday and a host of central bank meetings overseas, namely the UK, Norway, Switzerland and Australia.

The S&P 500 finished 0.8% higher at a fresh all-time high of 5,473.33, while the Nasdaq jumped 1.0% to set a new peak of 17,857.02. The Dow Jones Industrial Average meanwhile gained 0.5%, rebounding after having fallen in five of the past six sessions.

Goldman Sachs announced over the weekend that it has lifted its year-end target for the S&P 500 to 5,600, from 5,200 previously, due to "milder-than-average negative earnings revisions and a higher fair value price/earnings multiple". The investment bank now raised its price projection for the index three times since December.

Comments from the former president of the Chicago Federal Reserve were making headlines after he said that an interest-rate could in September could be possible if economic data continues to improve. “If they got two more very good inflation reports, I think they would scratch their heads and say, maybe they are comfortable,” said Charles Evans, who served as the head of the regional Fed from 2007 to 2023.

Economic data on Monday showed that manufacturing activity in the state of New York weakened again in June, though not as bad as feared. The Empire State manufacturing index ticked up 10 points to -6.0. While still below the zero level, indicating a contraction in activity, the market was looking for a figure closer to -9.0.

"In what will be a shortened trading week in the US due to the Juneteenth holiday on Wednesday, the consumer will remain in focus with the release of retail sales data tomorrow," said Richard Hunter, head of markets at Interactive Investor.

US retail sales are expected to have increased by just 0.2% in May after a flat performance in April. "Core to the fortunes of economic growth, and with waning sentiment given the higher levels of interest rates, the strength or otherwise of the consumer remains pivotal," Hunter said.

Market movers

Tech stocks were in demand, with heavyweights such as Apple, Microsoft and Amazon putting in a decent performance.

However, Nvidia retreated slightly as investors took profits after a string of recent record highs, with shares having risen 20% over June alone to a record $131.88 on Friday. The stock has jumped 172% since the start of the year.

Meme stock GameStop was a heavy faller, dropping 12% after an investor meeting underwhelmed shareholders of the video-game retailer, with the market reportedly disappointed by the lack of details in the company's future outlook.

Best Buy rallied after UBS upgraded the stock to ‘buy’ from ‘neutral’ and lifted the price target to $106 from $85.

Xponential Fitness surged more than a third after it announced the appointment of Mark King, most recently CEO of Taco Bell, as its new chief executive.

Sportswear and footwear giant Nike gained 1.7% on the same day its German rival Adidas saw shares tank on the back of reports it is investigating bribery allegations in China.

Dow Jones - Risers

Apple Inc. (AAPL) $216.67 1.97%
Intel Corp. (INTC) $30.98 1.74%
Nike Inc. (NKE) $95.00 1.72%
Amgen Inc. (AMGN) $303.28 1.56%
Walt Disney Co. (DIS) $101.52 1.55%
American Express Co. (AXP) $228.27 1.53%
Microsoft Corp. (MSFT) $448.37 1.31%
Travelers Company Inc. (TRV) $208.13 1.11%
Goldman Sachs Group Inc. (GS) $450.18 0.83%
Home Depot Inc. (HD) $349.50 0.77%

Dow Jones - Fallers

Walgreens Boots Alliance, Inc. (WBA) $15.15 -2.57%
Unitedhealth Group Inc. (UNH) $489.23 -1.59%
Merck & Co. Inc. (MRK) $127.50 -1.53%
Salesforce.Com Inc. (CRM) $230.48 -0.63%
Verizon Communications Inc. (VZ) $39.46 -0.53%
3M Co. (MMM) $100.53 -0.37%
McDonald's Corp. (MCD) $253.51 -0.03%
Dowdupont Inc. (DWDP) $0.00 0.00%
Cisco Systems Inc. (CSCO) $45.69 0.02%
Coca-Cola Co. (KO) $62.62 0.11%

S&P 500 - Risers

Autodesk Inc. (ADSK) $240.51 6.48%
Broadcom Inc. (AVGO) $1,828.87 5.41%
Leggett & Platt Inc. (LEG) $11.64 5.15%
General Electric Co. (GE) $163.23 4.72%
Best Buy Co. Inc. (BBY) $91.26 4.64%
Micron Technology Inc. (MU) $147.83 4.58%
Gap Inc. (GPS) $26.00 4.04%
Corning Inc. (GLW) $38.75 4.03%
Under Armour Inc. Class A (UAA) $6.94 3.89%
Synopsys Inc. (SNPS) $612.72 3.81%

S&P 500 - Fallers

CenturyLink Inc. (LUMN) $1.08 -4.42%
Align Technology Inc. (ALGN) $245.52 -4.10%
Gen Digital Inc. (GEN) $23.69 -2.87%
Crown Castle International (CCI) $96.34 -2.79%
Albemarle Corp. (ALB) $100.63 -2.78%
Bath & Body Works, Inc. (BBWI) $42.11 -2.66%
AES Corp. (AES) $18.84 -2.59%
Walgreens Boots Alliance, Inc. (WBA) $15.15 -2.57%
Sba Communications Corp. (SBAC) $191.19 -2.43%
American Tower Corp (Reit) (AMT) $192.28 -2.41%

Nasdaq 100 - Risers

Autodesk Inc. (ADSK) $240.51 6.48%
Broadcom Inc. (AVGO) $1,828.87 5.41%
Tesla Inc (TSLA) $187.44 5.30%
Micron Technology Inc. (MU) $147.83 4.58%
Synopsys Inc. (SNPS) $612.72 3.81%
Qurate Retail Inc. (QRTEA) $0.69 3.76%
O'Reilly Automotive Inc. (ORLY) $1,043.25 3.57%
Charter Communications Inc. (CHTR) $285.95 3.51%
Lam Research Corp. (LRCX) $1,071.70 3.45%
QUALCOMM Inc. (QCOM) $222.22 3.20%

Nasdaq 100 - Fallers

Align Technology Inc. (ALGN) $245.52 -4.10%
Gen Digital Inc. (GEN) $23.69 -2.87%
Walgreens Boots Alliance, Inc. (WBA) $15.15 -2.57%
Biogen Inc (BIIB) $226.46 -2.26%
DENTSPLY Sirona Inc. (XRAY) $25.66 -1.72%
Vertex Pharmaceuticals Inc. (VRTX) $473.69 -1.46%
Mercadolibre Inc. (MELI) $1,559.23 -1.45%
Adobe Systems Inc. (ADBE) $518.74 -1.25%
Gilead Sciences Inc. (GILD) $64.27 -1.21%
Take-Two Interactive Software Inc. (TTWO) $157.40 -0.98%