Wall Street's main indexes were little changed on Monday, hovering near record highs, as gains for energy shares and Tesla were countered by declines in the tech sector, and investors looked to a major Federal Reserve meeting later in the week.
The Nasdaq led the way, while the Dow Jones Industrial Average eclipsed 36,000 points for the first time ever during the session.
The Federal Reserve on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to support the economy, while investors will also be focused on commentary about interest rates and how sustained the recent surge in inflation is.
"I think there is comfort in the Fed and this assumption that the Fed will be steadfast in its patiently accommodative position," said Kristina Hooper, chief global market strategist at investment management company Invesco.
The Dow Jones Industrial Average rose 46.04 points, or 0.13%, to 35,865.6, the S&P 500 lost 4.14 points, or 0.09%, to 4,601.24 and the Nasdaq Composite added 32.45 points, or 0.21%, to 15,530.83.
Wall Street recovers from early lows on Microsoft boost
All three indexes hit intraday record highs during the session, with the S&P 500 up over 22% so far this year.
The small-cap Russell 2000 was a standout on Monday, rising 2.4%.
Tesla shares rose 5.4%, helping lift the S&P 500 consumer discretionary sector.
Shares of the electric car maker have charged higher since the company's market value crossed $1 trillion last week.
Among S&P 500 sectors, energy led the way, rising 1.5%. The technology sector fell 0.4%.
A survey on Monday showed US manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials, indicating that stretched supply chains continued to constrain economic activity early in the fourth quarter.
With over half of S&P 500 companies having reported as of Friday, third-quarter earnings are expected to have climbed 39.2%, according to Refinitiv IBES.
"There continues to be positive sentiment around earnings despite some high-profile misses," Hooper said.
In company news, Harley-Davidson Inc shares jumped 8% after the European Union removed retaliatory tariffs on US products, including whiskey, power boats and company's motorcycles.
Advancing issues outnumbered declining ones on the NYSE by a 2.46-to-1 ratio; on Nasdaq, a 2.67-to-1 ratio favored advancers.
The S&P 500 posted 46 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 191 new highs and 35 new lows.
Comments
Comments are closed for this article.