From NASDAQ.:

The S&P 500 has hit a new record high, surpassing Friday’s high of 4,842.07 points. Megacaps and chip stocks led the market to new highs. Chip stocks, including Nvidia and Micron Technology, advanced, taking the Philadelphia SE Semiconductor index to a new all-time high. Wall Street had stalled at the start of 2024 after the prior year’s stellar run.

At 9:55 a.m. ET, the Dow Jones Industrial Average was up 220.29 points, the S&P 500 was up 27.20 points, and the Nasdaq Composite was up 113.45 points. Renewable energy firm SolarEdge gained 9.7%, while Archer-Daniels-Midland slumped 18.5%. Advancing issues outnumbered decliners on NYSE and Nasdaq. S&P 500 earnings expected to pick up in 2024.

Traders have sharply pared bets of an at least 25-basis-point rate cut in March, currently standing at 46%, from the over 80% chances seen by the end of 2023. Investors will parse the personal consumption expenditure index and an advance fourth-quarter GDP print this week. Big-ticket earnings this week from Netflix, Tesla, and others will also be watched for insights into the health of corporate America.

So far, 84.6% of the S&P 500 companies that have reported results have surpassed earnings expectations, LSEG data showed on Friday, compared with the 93.1% beat seen in the previous week. The S&P index recorded 73 new 52-week highs and two new lows, while the Nasdaq recorded 125 new highs and 66 new lows.



Read more: US STOCKS-S&P 500 hits fresh record high, extends bull-market momentum