The S&P 500 touched a fresh record high Monday in another session of gains for Wall Street’s major indexes, with investors monitoring the ongoing corporate earnings season and any clues on interest-rate cuts this year.

The Dow Jones Industrial Average rose 55.75 points, or 0.15% at the open, to 37,919.55.

The S&P 500 opened higher by 13.61 points, or 0.28%, at 4,853.42, while the Nasdaq Composite gained 82.08 points, or 0.54%, to 15,393.05 at the opening bell.

After the prior year’s stellar run, Wall Street’s main indexes stalled at the start of 2024 as investors scaled back expectations of U.S. interest-rate cuts commencing as early as March, in light of mixed economic data and Federal Reserve policymakers playing down such bets.

A rally in chip stocks following bullish forecasts from Taiwan’s TSMC and Super Micro Computer last week, and heavyweight technology stocks steered the S&P 500 to a record high of 4,842.07 points and an all-time closing high of 4,839.81 points on Friday, confirming a bull market since its October 2022 closing low.

The Philadelphia SE Semiconductor index and the S&P 500 information technology index have jumped nearly 5% so far in January, among the top sectoral gainers, hitting all-time highs last week.

Nvidia and Advanced Micro Devices gained 0.7% and 0.8%, respectively, in premarket trading, after hitting their highest levels on Friday, while Marvell Technology , Qualcomm and Micron Technology climbed around 1% each.

Megacaps Alphabet, Meta Platforms and Tesla also gained between 0.8% and 1.2%.

Meanwhile, big-ticket earnings later this week from Netflix , Tesla, Abbott Laboratories, Intel and Johnson & Johnson, among others, will be keenly watched for insights into the health of corporate America.

United Airlines Holdings and Zions Bancorp are set to detail their earnings after market close.

So far, 84.6% of the S&P 500 companies that have reported results have surpassed earnings expectations, LSEG data showed on Friday, compared with the 93.1% beat seen in the first week of the earnings season.

On the economic data front this week, personal consumption expenditure (PCE)- the Fed’s preferred inflation gauge, S&P Global PMI readings and an advance fourth-quarter GDP print will be crucial in assessing the U.S. central bank’s next policy decision when it meets next week.

Traders have sharply pared bets of an at least 25-basis-point rate cut in March, currently standing at 44%, according to the CME Group’s FedWatch Tool, from the over 80% chances seen by 2023-end.

At 5:46 a.m. ET, Dow e-minis were up 49 points, or 0.13%, S&P 500 e-minis were up 14.5 points, or 0.3%, and Nasdaq 100 e-minis were up 97.25 points, or 0.56%.

Among others, Boeing lost 2.5% after the U.S. Federal Aviation Administration recommended airlines operating the company’s 737-900ER jets inspect door plugs to ensure they are properly secured.

Renewable energy firm SolarEdge gained 6.8% on plans to lay off about 16% of its global workforce.


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