From Nasdaq, Inc.:

U.S. stocks rise due to rally of megacaps, including Microsoft, Meta Platforms, and Nvidia. 10-year Treasury note yield holds near 4%, and a $37 billion auction of the notes drew above-average demand.

Communication services sector was the best performing; Meta Platforms’ stock rises 3.65%, hitting highest intraday level since September 2021, after Mizuho raised price target to $470 from $400. Nvidia hits a record high and closes up 2.28% after chipmaker TSMC beat Q4 revenue expectations.

Market reassesses 2024 expectations in terms of earnings and interest rates; Sam Stovall of CFRA Research calls it a good sign that the market is treading water early in the year.

Dow Jones Industrial Average rises 0.45%, S&P 500 gains 0.57%, and Nasdaq advances 0.75%. Focus is on the December consumer and producer inflation reports, due on Thursday and Friday, and Williams of the Federal Reserve Bank states it is too soon to call for rate cuts.

Crypto stocks mostly lower; Coinbase falls 0.46% and Riot Platforms drops 1.21%. Boeing rises 0.92% after CEO acknowledges the grounding of more than 170 jets for a fourth day. DocGo plunges 37.58% after a short position was revealed.

The S&P index records 31 new 52-week highs and one new low, while the Nasdaq records 108 new highs and 97 new lows. Volume on U.S. exchanges was 9.81 billion shares, compared with the 12.22 billion average.



Read more: US STOCKS-Stocks climb as megacaps lead; inflation data, earnings on deck