S&P 500 rises, led by tech; Dow climbs to fresh record: Live updates

The S&P 500 rose on Monday, boosted by technology stocks, while the Dow Jones Industrial Average reached new heights as investors awaited critical economic data and another batch of earnings reports following a volatile week that ended with the 30-stock index reaching a key milestone.

The broad-based index rose 0.4%, while the blue-chip Dow was last up 31 points, or 0.1%, after scoring a fresh all-time intraday high earlier in the session. The Nasdaq Composite gained 0.7%.

Nvidia and Broadcom were standouts yet again Monday, extending their gains from the previous session with a gain of 3% and 2%, respectively. Shares of fellow artificial intelligence player Oracle were up 9% after receiving an upgrade to buy from neutral at D.A. Davidson due to optimism around OpenAI and its beneficiaries.

The developments come after the major averages bounced back Friday, with the Dow exceeding 50,000 for the first time ever, following sizable losses suffered earlier in the week. The rout was sparked by a sell-off in the tech sector, led by software stocks. Bitcoin also plunged before recovering some as investors took a risk-off posture.

“After an eight-day losing streak, buyers finally stepped back into the software space on Friday, underpinning a much-needed relief rally as the tech sector approached key support near the November lows,” said Adam Turnquist, chief technical strategist at LPL Financial. “While this marked a step in the right direction, the broader tech complex remains rangebound until it can decisively break above the December highs.”

“For the broader market to make sustainable progress, renewed tech participation will likely be essential,” he also said, adding that he anticipates the S&P 500 will have some trouble reaching 7,000 without more participation from tech, especially software.

The market’s recent rotation out of tech could play out again this week, if the week’s earnings releases are favorable. Coca-Cola and Ford Motor are both slated to report on Tuesday.

Investors also will be watching for the delayed January jobs report from the Bureau of Labor Statistics, which is due out Wednesday. The release was initially scheduled for last Friday but was postponed due to the partial government shutdown. It also comes after ADP reported last week that private payrolls increased by a mere 22,000 in January, well below expectations. Economists polled by Dow Jones anticipate the closely watched jobs report will show a gain of 55,000 in January.

The January consumer price index reading — which was also delayed by the shutdown — is due out Friday, with the consensus looking for a 2.5% annual rate.