Traders and investors watched the Dow (DJI) hit an all-time high in intraday trading on Monday as the index surpassed its previous peak of 41,376 points recorded on July 18. Additionally, Wall Street averages are mixed as rate cuts appear imminent. and mega-cap chipmaker Nvidia (NVDA) The results report is scheduled for later in the week.
At the forefront of the uptrend is the blue-chip index Dow Jones (DJI), which 0.1%The benchmark S&P 500 (SP500) fell by 0.3%and the technology-oriented Nasdaq Composite (COMP:IND) has slipped past 0.8%.
From an industry perspective, six of the eleven S&P segments are in positive territory. The two areas that have gained the most so far are consumer staples and materials. At the other end, information technology has suffered the most so far.
The Treasury market was subdued, with the shorter-end 2-year US Treasury yield (US2Y) falling 1 basis point to 3.90%. At the same time, the longer-end 10-year US Treasury yield (US10Y) rising 1 basis point to 3.81%. Here’s how other yields are performing across the yield curve.
On the economic front, durable goods orders rose 9.9% mom to $289.6 billion in July, far beating expectations for +4.0%, and rebounding from a 6.9% plunge in June, the U.S. Census Bureau said on Monday. The previous month’s figure was revised down from -6.6%. The headline number rose in five of the last six months.
In addition, the Dallas Fed’s manufacturing activity remained declining in August, but decreased from the previous month.
Investors continue to process comments made by Federal Reserve Chairman Jerome Powell on Friday. He announced that the central bank is close to cutting interest rates from a 20-year high.
“Powell’s statements that ‘the time has come for a policy adjustment’ and ‘the direction is clear’ leave little doubt that the first easing in September will be followed by further rate cuts. Better late than never,” said Pantheon Macroeconomics.
As for stocks that are on the move, XPeng (XPEV) shares rose 8% after Chairman and CEO He Xiaopeng increased his stake in the company to restore investor confidence.
In the other direction went the shares of PDD Holdings (PDD), which fell 29.1% after second-quarter results fell short of expectations. The company’s revenue rose 86% to $13.36 billion in the quarter ended June 30, but missed the consensus estimate by about $610 million.
