Stock Market Overview
Stocks Settle Higher on Strength in Megacap Tech Stocks
The S&P 500 Index ($SPX) (SPY) Monday closed up +0.63%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.20%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.99%.Â
Stocks on Monday posted moderate gains, led by strength in megacap technology stocks. Tesla closed up more than +6% on news that the company will raise the price of its Model Y cars in April. Also, Alphabet closed up more than +4% after Bloomberg reported that Apple is in talks to build Google’s Gemini AI engine into its iPhone.Â
A bearish factor for stocks was Monday’s +2.6 bp rise in the 10-year T-note yield to a 3-week high on the stronger-than-expected NAHB housing market index and the increase in the 10-year breakeven inflation expectations rate to a 1-1/2 week high.
Market attention this week will focus on the Tue/Wed FOMC meeting. The markets expect the Fed to leave its 5.25%-5.50% federal funds target range unchanged and the markets will look to newly updated Fed projections (dot... Read more
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