Wall Street climbs to new highs as Nvidia’s valuation approaches Apple’s.

Ignacio Teson•Monday, October 14, 2024•1 min read

The markets advanced, with the Dow Jones and S&P 500 reaching record levels amid renewed enthusiasm for technology stocks.

All three of Wall Street’s major indexes closed Monday with gains. The Dow Jones and S&P 500 set new highs, driven by optimism in the tech sector.

The Dow Jones Industrial Average, comprising 30 major companies, rose 0.47% to 43,065.22 points. The S&P 500, made up of 500 large-cap stocks, gained 0.77% to 5,859.85 points. Meanwhile, the tech-heavy Nasdaq Composite advanced 0.87% to 18,502.69 points.

The session was relatively quiet as bond markets were closed for Columbus Day. U.S. stocks extended Friday’s momentum, following the start of third-quarter earnings season, with several major banks reporting results.

This week, 41 companies from the S&P 500 are expected to release their earnings reports, providing key insights into the health of the U.S. economy and whether companies can continue to justify their rising valuations.

SPX

Technology stocks were the main drivers of Monday’s rally, with the semiconductor sector leading the way. Nvidia shares hit a new all-time high, climbing 2.4% and bringing the company closer to matching Apple’s market value.

In Mexico, the Mexico’s stock exchanges ended the first trading day of the week with losses. Local equity markets fell ahead of the country’s quarterly earnings season, which will kick off with América Móvil, the telecom giant controlled by Carlos Slim.

The benchmark index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most actively traded local stocks, declined 0.75% to 52,000.59 points. Similarly, the FTSE BIVA

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.