The Nasdaq Composite on Monday marked a record closing high for the sixth consecutive session, while the S&P 500 eked out a record of its own despite a late pullback.
The tech-heavy index rose 0.4% to build on last week’s high. The S&P 500, which also briefly hit an intraday high along the Nasdaq, rose 0.1% to top its prior record from this past Thursday.
The Dow Jones Industrial Average fell about 19 points, or less than 0.1%.
A broad rally led by communication services stocks including telecoms and Big Tech firms like Alphabet lost steam in the final hour of trading. There wasn’t much moving markets, though a wave of major earnings reports in the weeks ahead will provide a big test for Wall Street’s bets on the bull market.
“It’s the start of a busy week for Q2 earnings which is seeing stocks climb to fresh all-time highs,” writes Mizuho’s Daniel O’Regan. “In the absence of relevant economic data, the focus remains on earnings and guidance.”
The yield on the 2-year Treasury note fell to 3.85%, while the 10-year yield was down to 4.37%.
It’s not particularly encouraging that traders saw the S&P hit fresh highs and opted to sell into the close. Of course, the market’s next move will depend on earnings.
