Nasdaq hits record high as investors focus on earnings
SPY•SPY•SPY•SPY•The Nasdaq rose 0.98% to 27,458.40 points on Monday, setting an intraday record, while the S&P 500 gained 0.68% and the Dow rose 0.25%. Investors looked ahead to earnings and traders lowered the odds of an October Fed rate hike to 24% from 70% a week earlier.
The Nasdaq reached an intraday record for a second straight session, lifted by Nvidia, up 1.6%, and Microsoft, up 1.5%. The S&P 500 gained 0.68% to 7,775.33 and the Dow Jones Industrial Average rose 0.25% to 51,306.65.
Third-quarter earnings season begins next week with reports from large U.S. banks. Analysts see S&P 500 earnings rising more than 30% year over year, largely due to AI-related stocks. After September job growth came in weaker than expected, traders saw a 24% chance of an October Fed rate hike, down from 70% a week earlier.
PTC surged 34% after Schneider Electric agreed to acquire the software firm in a $22.6 billion all-cash deal. RXO jumped 29% after C.H. Robinson agreed to buy it for $5.8 billion in a stock-and-cash transaction, while C.H. Robinson shares fell 12%.
