US stocks rally as Nasdaq hits record high, chips lead gains
US stocks rallied on Monday, pushing the Nasdaq to a record closing high, as a surge in chipmakers, a drop in oil prices and easing Treasury yields boosted investor sentiment.
5%. 3%, helping lift the tech-heavy Nasdaq to a record closing high and its largest daily percentage gain since August 4. Communication services led S&P sector gainers, while energy was the weakest group. The dollar gained, bitcoin rallied about 7%, gold declined and US crude fell about 5%.
95%. 4% probability of an October rate hike from Warsh & 10. 8% a month ago, according to CME's FedWatch tool. On that basis, last week's increase to the Fed funds target rate, the first hike in three years, may not be a one-and-done move.
St. Louis Fed President Alberto Musalem said on Monday in comments to Reuters that more hikes are needed to cool strong demand and hot commodity prices. He added that it would be better for the central bank to act sooner rather than later. 4% on the day, amid hints of easing Middle East tensions.
Equity investors also saw the benchmark Treasury yield retreat from the 5% level. Big Beauty faces a growing threat from AI and smaller rivals. Funds are warming to Japan's yen. Bank bulls are in no rush to buy more.
Auf Wiedersehen, Volkswagen. Stoxx is moving on up. Before the bell: Looking up. More oil is flowing, depending on who you ask.
TSA throughput and airline stocks closing snapshot.