Major Indexes Turn Positive as Tech and Retail Lead Recovery
At 19:37 GMT, the Dow Jones Industrial Average is trading 49572.51, up 68.44 or +0.14%. The S&P 500 Index is at 6978.71, up 12.43 or +0.18%, and the Nasdaq Composite is trading 23768.80, up 97.453 or +0.41%.
Alphabet Crosses $4 Trillion Mark as AI Stocks Power Nasdaq Surge
AI stocks led the charge today, with Alphabet jumping past the $4 trillion market valuation hurdle for the first time, while Broadcom added 1.4%.
Walmart Soars 3.5% on Nasdaq-100 Addition, Set to Attract Billions
Walmart was another major winner, giving all three indexes a boost with a 3.5% gain. According to reports, the big retailer, which moved its listing to the Nasdaq from the NYSE last night, is also set to join the Nasdaq-100 on January 20, a shift that could attract billions of dollars from passive investors.
Fear Gauge Spikes as Two-Sided Trade Sends Gold to Record High
With the benchmark S&P 500 Index posting a two-sided trade on Monday, Wall Street’s fear gauge, the CBOE Volatility Index (VIX), touched its highest level since December 18, while safe-haven gold hit a record high for the first time this year. The news drove Newmont Corp. higher by 3.8%.
Financial Stocks Hammered as Trump Demands 10% Credit Card Rate Cap
Shares of lenders and credit card firms fell sharply on Monday after President Donald Trump called for a “one-year cap on credit card interest rates at 10%” starting on January 20. The weak stocks included Citigroup (-3.5%) and American Express (-4.4%). Consumer finance firms such as Synchrony Financial slumped 8.4%, and Capital One fell 6.8%. Buy-now, pay later firms Klarna and Affirm fell 2.8% and 6%, respectively.
CPI Report and Earnings Season Loom as S&P 500 Hits Fresh All-Time High
Looking ahead to Tuesday, on tap is the U.S. CPI report. Bullish investors are hoping for stable inflation to keep the hopes of more than one interest rate cut alive. Technically, the S&P 500 Index hit another all-time high on Monday at 6978.78. Major support is an uptrend line at 6905.27. If this support fails, then look for a steep drop into the 50-day moving average at 6819.96.