Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (2024)

The S&P 500 and Nasdaq Composite closed at record highs again Monday, boosted by the strong performance of shares in several chipmakers.

The S&P 500 added 0.1% to finish at an all-time high for the third consecutive session, while the Nasdaq rose 0.3%, extending its winning streak to five straight sessions. The Dow Jones Industrial Average ended Monday's session down 0.1%.

Chipmakers on the rise Monday included Intel (INTC), Broadcom (AVGO), Marvell Technology (MRVL), Advanced Micro Devices (AMD) and Super Micro Computer (SMCI).

During the recent rally, stocks have been supported by optimism that the Federal Reserve could cut its benchmark interest rate. Investors are eagerly awaiting more information that could shed light on the Fed's timetable, after jobs data on Friday boosted expectations that the central bank could cut rates as soon as September.

The first opportunity comes Tuesday, when Fed Chair Jerome Powell starts two days of testimony before Congressional committees. Later in the week, the first readings on June inflation will be released, providing an indication of whether price pressures have continued to moderate. Fed officials have said repeatedly they need to see more evidence that inflation is under control before moving to cut the benchmark federal funds rate.

The yield on 10-year Treasurys inched up to around 4.28%, after falling last week as investors placed bets that interest rates will be cut.

Biggest S&P Movers on Monday

7 hr 52 min ago


  • Shares of Corning (GLW) soared 12%, notching Monday's top performance among S&P 500 stocks, after the specialty glass makerboosted its guidancefor the current quarter. The company attributed its improved outlook to high levels of demand for its optical connectivity products, which are used in generativeartificial intelligence (AI)applications.
  • Super Micro Computer (SMCI) sharesjumped6.2% on Monday as several stocks related to AI gained. The provider of servers and data storage hardware has garnered intense attention from investors for its potential to capitalize on AI opportunities, with its stock price more than tripling since the start of the year. Supermicro maintains a leading position in the AI server market, with its modular design capabilities offering clients flexibility in customizing and scaling up their systems.
  • Intel (INTC) shares were up 6.2% as well after Melius Research highlighted the semiconductor giant's potential to play catch-up with peers in the tech sector. The analysts suggested Intel and other "AI Laggards" that underperformed in the first part of the year—including Advanced Micro Devices (AMD), Apple (AAPL), and International Business Machines (IBM)—could be poised for strength in the second half of 2024. Intel and AMD could benefit from their chips being included in Microsoft (MSFT) devices, particularly itsnew generation of AI-enabled PCs. AMD shares were up 4% on Monday.


  • Shares of Paramount Global (PARA) lost 5.3%, posting the heaviest losses of any S&P 500 constituent, after the entertainment giantagreed to a merger dealwith production company Skydance Media, bringing an end to months of negotiations that drove significant fluctuations in Paramount stock. Skydance founder David Ellison is set to become CEO of the merged company.
  • Etsy (ETSY) shares fell 5.3% on Monday. The online crafts marketplace recently announced that it would restrict the sale of certain products that it deems to be inappropriate for its customer base. The e-commerce company also raised concerns this spring when first-quarter earnings fell short of expectations and it warned that slower consumer discretionary spending could drag down growth.
  • Chipotle Mexican Grill (CMG) shares slipped 5.2%. Chipotle's share price has seen volatility since the company completed its50-for-1 stock splitlate last month. The burrito chain has also received criticism from customers regarding portion sizes, with a recent study by Wells Fargo analysts suggesting sizing inconsistencies.

-Michael Bromberg

Super Micro Surges as AI-Related Stocks Gain

8 hr 16 min ago

Super Micro Computer (SMCI)shares surged Monday as someartificial intelligence (AI)-related stocks gained to start the week.

The stock gained 6.2% to close at $899.34. Super Micro shares have more than tripled year-to-date.

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (1)

Super Micro Computer, which makes server technology and hardware used in data centers, has been a major beneficiary of the AI boom.

As anNvidia(NVDA) partner, Super Micro shares in some of the gains of the market's AI darling, and its hardware is found in some Nvidia data center technology—including that used byElon Musk's AI company, xAI.

Vanda Research analysts have suggested that Super Micro Computer, alongside Advanced Micro Devices (AMD) and Taiwan Semiconductor Manufacturing Company (TSM) as "AI proxies" that some investors may turn to if they feel Nvidia has reached "the peak of retail bullishness."

-Naomi Buchanan

Why 'AI Laggards' Could Gain in 2nd Half

8 hr 38 min ago

Intel (INTC) and Advanced Micro Devices (AMD) could rise as part of a second-half "catch-up," Melius Research said. The companies, alongside Apple (AAPL) and IBM (IBM), were among the analysts' "AI Laggards" in the first six months of 2024.

The analysts noted a pattern in 2023 where "underdogs" underperformed in the first half and then caught up in the second half, while some "AI winners" experienced the opposite effect.

Melius said AMD and Intel could benefit from Microsoft's Copilot+ PCs, while Apple could benefit from an iPhone 16 upgrade cycle and IBM is positioned to gain from infrastructure software strength.

Intel and AMD were the top two gainers on the Nasdaq Monday, up 6.2% and 4.0%, respectively. The stocks' performance this year significantly lags that of AI darling Nvidia(NVDA), whose stock price has more than doubled.

-Naomi Buchanan

SolarEdge Jumps After Bank of America Upgrade

11 hr 13 min ago

SolarEdge Technologies (SEDG) shares surged in intraday trading Monday following an upgrade from Bank of America, which said the solar power equipment maker will post a profit next year and that its stock is undervalued.

BofA Securities raised its rating to "neutral" from "underperform," although it lowered the price target to $29 from $44.1

The strategists said the recent drop SolarEdge's share price is based on “an unlikely worst-case scenario of inventory writedowns, a lack of recovery in the inventory channel congestion through '25 and an inability to monetize the balance sheet.”

Bank of America expects SolarEdge to return to profitability in the first half of 2025.

SolarEdge shares were up more than 8% in mid-afternoon trading.

-Bill McColl

Meta Platforms Down After Hitting Record High

12 hr 19 min ago

Shares in Facebook and Instagram parent Meta Platforms (META)were down 2% in afternoon trading Monday, after closing at a record high Friday amid optimism that the company's significant AI investment is starting to translate into revenue growth.

Here are key price levels to watch:

Meta shares have broken out from a pennant pattern, but several chart indicators point to slowing price momentum.

The measuring principle, which calculates the distance of the most recent leg higher in points preceding the pennant and adds that amount to the pattern's top trendline,projects a price target in Meta shares of $767.

During retracements, Meta shares may find support around $384 and $300.

-Timothy Smith

Corning Surges On Guidance Boost

13 hr 43 min ago

Shares of Corning (GLW) soared Monday after the specialty glass maker boosted its guidance, citing rising demand for its products used ingenerative artificial intelligence(AI) applications.

The company now anticipates current-quarter earnings per share (EPS) at the high end of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about $3.6 billion, $200 million more than its earlier estimate.

Corning shares were up more than 10% around midday Monday, trading at their highest levels since early 2022.

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (2)

-Bill McColl

Nvidia Gains As Analysts Boost Price Targets

14 hr 35 min ago

Nvidia (NVDA) shares climbed Monday as analysts lifted their price targets for the stock, citing "exceedingly robust" demand for the chipmaker's upcoming Blackwell platform.

Shares of Nvidia surged over 3% to above $130 before paring back some gains in early trading Monday, after UBS analysts boosted their price target for the stock to $150 from $120, while Wolfe Research analysts lifted their objective to $150 from $125.

UBS analysts reportedsupply chainchecks indicated "demand momentum for Blackwell rack-scale systems remains exceedingly robust" as Nvidia works to strengthen its supply.

They added that demand for Nvidia's data center components is "in part being driven by the enhanced power efficiency" amid concerns about power constraints affectingartificial intelligence (AI)computing.

-Naomi Buchanan

Telsa Shares Down After Last Week's Big Gains

15 hr 44 min ago

Tesla (TSLA) shares were down more than 2% in early trading Monday, after a 27% surge in the EV maker’s share price last week drove the stockback into the green for the year. The rally followed a better-than-expected second-quarterdeliveries report and building anticipation ahead of the company's Robotaxi Daynext month.

Following the big move for the stock, these are the key areas on Tesla’sweekly chartto watch out for.

Last week, Tesla shares closed above both the 50- and 200-week moving averages and a prominent 12-month downtrend line on the highest trading volume since mid-February, indicating buying conviction among market participants.

Tesla shares may encounter resistance on the weekly chart at $299.29, $384.29, and $414.50, while potentially finding support around $205.

-Timothy Smith

Stock Futures Edge Higher

16 hr 50 min ago

Futures contracts connected to the Dow Jones Industrial Average were up 0.1%

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (3)

S&P 500 futures were also up 0.1%.

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (4)

Nasdaq 100 futures were up 0.1%.

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (5)

Dow Jones Today: S&P 500, Nasdaq Hit Record Highs as Chipmakers Surge (2024)
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