Nasdaq Jumps To New Record High, Dow Posting Modest Loss
After moving sharply higher last week, the tech-heavy Nasdaq has seen further upside in morning trading on Monday. The S&P 500 has also moved higher on the day, while the Dow has slid into negative territory.
Currently, the major averages are turning in a mixed performance. The Dow has climbed off its worst levels but remains down 88.56 points or 0.3 percent at 30,908.42.
Meanwhile, the Nasdaq is up 154.85 points or 1.1 percent at 13,697.92 after reaching a record intraday high and the S&P 500 is up 13.98 points or 0.4 percent at 3,855.45.
The continued advance by the Nasdaq comes as traders express optimism about upcoming earnings from big-name tech companies.
Tesla (TSLA) and Apple (AAPL) are moving sharply higher ahead of the release of their quarterly results later this week.
On the other hand, the modest drop by the Dow comes as American Express (AXP) and Boeing (BA) are moving lower ahead of the release of their quarterly results.
Networking stocks have shown a strong move to the upside in morning trading, driving the NYSE Arca Networking Index up by 1.8 percent to its best intraday level in nearly twenty years.
Significant strength is also visible among biotechnology stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Biotechnology Index.
Regeneron Pharmaceuticals (REGN) is posting a notable gain after BMO Capital upgraded its rating on the company’s stock to Outperform from Market Perform.
Interest rate sensitive commercial real estate and utilities stocks have also moved higher, while oil service stocks have moved sharply lower. The Philadelphia Oil Service Index has tumbled by 2.9 percent despite an uptick by the price of crude oil.
Airline and banking stocks are also seeing considerable weakness on the day, dragging the NYSE Arca Airline Index and the KBW Bank Index down by 2.2 percent and 1.5 percent, respectively.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index climbed by 0.7 percent, while Hong Kong’s Hang Seng Index surged up by 2.4 percent.
Meanwhile, the major European markets have moved to the downside on the day. While the U.K.’s FTSE 100 Index is down by 0.6 percent, the French CAC 40 Index and the German DAX Index are both down by 1 percent.
In the bond market, treasuries have moved notably higher, extending the uptick seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 1.053 percent.
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