Despite the Dow and S&P 500 taking a slight dip, the S&P 500 managed to touch yet another intraday record high on Monday. This came on the heels of the impending inclusion of Super Micro Computer (SMCI), a key player in the sector, in Nvidia’s list of components later this month. The Nasdaq, however, saw a decline, impacted by Apple’s antitrust challenges in Europe. Nevertheless, the tech-heavy index remains close to its recent peak. Investors appeared to be treading cautiously as they await the release of this week’s crucial jobs data and Federal Reserve Chairman Jerome Powell’s testimony before Congress.
Five Key Events Shaping Today
- The European Union slapped Apple with a hefty fine of nearly $2 billion for allegedly displaying bias towards its own music streaming service, infringing on the bloc’s competition laws. (MarketWatch)
- The Supreme Court overturned a prior Colorado court decision that had barred former President Donald Trump from participating in the state’s Republican presidential primary ballot. (CNBC)
- Two newcomers to the S&P 500 club wasted no time in hitting all-time highs.
- A revised buyout proposal injected fresh momentum into Macy’s stock.
- The semiconductor sector standout continued to garner favor with call traders.
Gold Prices Soar to New Heights
While oil prices stumbled on Monday due to the decision by OPEC+ to prolong voluntary production cuts for the second quarter, gold prices surged to a new pinnacle. April’s gold futures surged by $30.60, or 1.6%, settling at a dazzling $2,126.30 per ounce. This uptick in gold prices was buoyed by optimism surrounding a potential interest rate adjustment by the Federal Reserve in the latter half of 2024.