Dow +69.05 at 38868.04, Nasdaq +59.40 at 17192.53, S&P +13.80 at 5360.79
The market started the new week with losses but ended the session upbeat. Moves in either direction were limited, though. The S&P 500 was down 0.3% at its low of the day and closed 0.3% higher, which marked a fresh all-time high for the index. The Nasdaq also logged a new record high, closing with a 0.4% gain.
The market showed nice resilience to early selling efforts, which turned into upside support.
The market has generally been just hanging around in recent days, with some indexes showing the muscle to hit all-time highs and others staying in the back seat. Overall, the confirmed market uptrend remains healthy.
Going back to Monday’s stock market action, the Russell 2000 rose less than 0.3%. It remains locked in a roughly 11% trading range since the end of March. When and if it does finally blow higher it will be a sight to see. Think TNA.
Turnaround action in shares of NVIDIA (NVDA 121.79, +0.90, +0.8%) also provided support to the broader market. Shares had been down as much as 3.2% at session lows. This rebound action also boosted the PHLX Semiconductor Index (SOX), closing 1.4% higher after trading down as much as 0.9% earlier.
Apple (AAPL 193.12, -3.77, -1.9%) was an exception in the mega cap space, extending an early loss after introducing “Apple Intelligence,” the personal intelligence system for iPhone, iPad, and Mac, at its Worldwide Developers Conference. Friggin’ snoozefest.
Interesting, Apple is on of the few companies that put AI in a sentence and the stock went down.
Big data this week from CPI PPI, Wednesday and Thursday so we may more chop in front of the big reveal.
Have a great evening.
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