U.S. stocks closed higher on Monday, with the Nasdaq Composite reaching a record high. The tech-heavy index surged 2.26% to close at 27,122.09, gaining approximately 600 points for the session. This rally was supported by a fourth consecutive decline in crude oil prices, which relieved pressure on Treasury yields.
Major indices recorded a mixed performance for the week. The Dow Jones Industrial Average fell 1.7% for the week, settling at 52,048.83 on Monday after gaining around 366 points. The S&P 500 lost about 0.1% for the week, closing at 7,764.70, up 1.49% for the day. Despite the weekly loss, the Nasdaq posted a weekly gain of 0.7%.
Individual stock performance was strong on Monday. Shares of Intel Corp. (NASDAQ: INTC) jumped 12%, while Advanced Micro Devices (NASDAQ: AMD) added approximately 10%. Meta Platforms Inc. (NASDAQ: META) surged 11% following positive early responses to its Muse AI agent. On the economic data front, the Chicago Fed National Activity Index fell to -0.04 in August, down from a revised reading of +0.08 in July.
Market sentiment, as measured by the CNN Money Fear & Greed Index, showed some improvement. The index rose to 34 on Monday, compared to a prior reading of 30. However, the index remains in the “Fear” zone, as readings below 50 indicate fear.
Investors are awaiting earnings results from AutoZone Inc (NYSE: AZO), Thor Industries Inc (NYSE: THO), and KB Home (NYSE: KBH) today. On the sector front, communication services, information technology, and consumer discretionary stocks led gains, while energy and utilities stocks closed lower.
