US stocks drifted slightly higher in mixed trading on Monday, a comedown following bursts higher for stocks in Asia earlier in the day and Wall Street's own rally to close last week.
- The S&P 500 rose 32.52 points, or 0.5%, to 6,964.82.
- The Dow Jones Industrial Average rose 20.20 points, or less than 0.1%, to 50,135.87.
- The Nasdaq composite rose 207.46 points, or 0.9%, to 23,238.67.
Treasury yields held relatively steady ahead of potentially market-moving economic reports coming later in the week, including on the US job market and inflation, the
AP reports. Bitcoin hung just below $71,000 after drifting above the level during the weekend . Gold and silver prices recovered some of their sharp recent losses. Gold rose 2% to settle at $5,079.40 per ounce. It's been swinging sharply after roughly doubling in price over 12 months and, it has bounced between $4,500 and nearly $5,600. Silver, whose price has been even wilder, jumped 6.9% Monday.
Stocks were nearly evenly split between gainers and losers in the S&P 500, but some of the winners from the rush into AI helped prop up the market. Chip companies rose, for example, with Nvidia up 2.5% and Broadcom up 3.4%. They were two of the strongest forces pushing upward on the S&P 500. Kroger climbed 3.9% after the grocer named a former Walmart executive as its new chief executive officer. Transocean reversed an early loss and rose 6.1% after the offshore drilling company said it would buy Valaris in an all-stock deal valued at $5.8 billion. Valaris leaped 34.3%.
On the losing end was Hims & Hers, which sank 16% after Novo Nordisk filed a lawsuit and alleged Hims & Hers is unlawfully selling versions of its weight-loss treatments. The suit follows a move by the US Food and Drug Administration to restrict access to the ingredients needed to copy popular weight-loss medications. Novo Nordisk's stock that trades in the United States rose 3.6%. Workday fell 5.1% after the AI platform said its CEO, Carl Eschenbach, is stepping down. Company co-founder Aneel Bhusri is returning as chief executive.
The US government will offer the latest monthly update on the health of the job market on Wednesday. Friday will bring the latest monthly reading of inflation at the consumer level. Either report could sway expectations for what the Federal Reserve will do with interest rates. The Fed has put its cuts to interest rates on hold, but a weakening of the job market could push it to resume more quickly. Too-hot inflation, on the other hand, could keep it on hold for longer.
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