The Dow Jones Industrial Average experienced a decline of over 150 points on Monday, with Nvidia stock reaching record highs. Additionally, Super Micro Computer (SMCI) saw a significant increase in stock value after news emerged that it would be added to the S&P 500 index.
In the morning, the Dow Jones Industrial Average fell by 0.3%, while the S&P 500 dropped by 0.1%. The Nasdaq composite, which is tech-heavy, also saw a decrease of 0.15% after the market opened. Exchange-traded funds such as Invesco QQQ Trust (QQQ) and SPDR S&P 500 ETF (SPY) were down by 0.2% and 0.3% respectively.
Oil prices remained stable after climbing last week, with West Texas Intermediate futures trading around $80.20 per barrel. Meanwhile, the 10-year Treasury yield slightly increased to 4.23%.
Nvidia saw a 3.9% rally in morning trading, reaching record highs, while Super Micro surged by more than 22% after the news of its addition to the S&P 500 index. Deckers also experienced a 4.2% jump. In terms of economic events this week, investors are looking forward to Fed Chair Jerome Powell’s speech on Wednesday and the February jobs report on Friday.
Earnings reports from companies like Sea Limited (SE) showed positive results, with shares surging more than 11% early on. Looking ahead, investors are anticipating earnings releases from companies like GitLab (GTLB), CrowdStrike (CRWD), Broadcom (AVGO), MongoDB (MDB), and Samsara (IOT) in the technology sector.
Friday saw the Nasdaq composite reaching an all-time high, with 16 out of 18 weeks showing gains. The Dow Jones Industrial Average ended the week slightly lower, while the S&P 500 crossed the 5,100 mark for the first time. Federal Reserve Chair Jerome Powell’s testimony and the latest jobs report are upcoming events on the investor agenda.
