S&P, Nasdaq notch new record levels as tech leads gains
Large cap tech led the gains as Nasdaq, S&P hit new records
Large-cap tech helped the S&P 500 and Nasdaq post fresh record highs Monday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
Tech led broad gains for the S&P's top sectors with the exception of energy which fell in sympathy with oil prices. Investors also shrugged off reports of more illnesses traced to the coronavirus. Investors also digested the details of President Trump’s budget.
Trump’s $4.8 trillion fiscal 2021 budget, which will officially be released Monday morning, runs a $1 trillion deficit, but would lead to a balanced budget in 15 years so long as the economy remains healthy, a senior administration official told FOX Business.
Meanwhile, the coronavirus death toll has risen to at least 910 and more than 40,600 people have been infected globally, according to the latest figures released Monday.
Looking at stocks, Slack shares soared over 15 percent on reports it has secured IBM's 350,600 employees.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WORK | NO DATA AVAILABLE | - | - | - |
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 222.98 | +0.66 | +0.30% |
| MSFT | MICROSOFT CORP. | 417.00 | +4.13 | +1.00% |
Tesla shares surged after a Shanghai government official said over the weekend that the company could resume production at its China Gigafactory.
L Brands soared following a CNBC report indicating the company is nearing a deal to sell its Victoria’s Secret lingerie brand to the private equity firm Sycamore Partners.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
| LB | LANDBRIDGE CO. LLC | 77.46 | +10.01 | +14.84% |
Xerox raised its bid for HP to $24 a share. The offer consists of $18.40 in cash and 0.149 Xerox shares for each HP share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XRX | XEROX HOLDINGS CORP. | 9.04 | +0.29 | +3.31% |
| HP | HELMERICH & PAYNE INC. | 36.07 | +1.65 | +4.78% |
Elsewhere, Allergan reported adjusted earnings and revenue that topped Wall Street estimates as its fourth-quarter loss narrowed from the prior year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| agn | NO DATA AVAILABLE | - | - | - |
On the commodities front, West Texas Intermediate crude oil was down 1.5 percent to 49.57 a barrel and gold was up 0.4 percent at $1,574.70 an ounce.
U.S. Treasurys gained, pushing the yield on the 10-year note down 2.6 basis points to 1.551 percent.
In Europe, Britain's FTSE fell 0.3 percent while Germany’s DAX and France's CAC were both down 0.2 percent.
Asian markets finished mixed with China’s Shanghai Composite gaining 0.5 percent while both Hong Kong’s Hang Seng and Japan’s Nikkei fell 0.6 percent.
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FOX Business’ Evie Fordham contributed to this report.