Stocks rallied to start the trading week as Big Tech carried the major averages higher while Boeing (BA) shares sold off, weighing on the Dow Jones Industrial Average (^DJI).
The S&P 500 (^GSPC) rose about 1.4%, and the tech-heavy Nasdaq (^IXIC) soared 2.2%, after all three major stock indexes broke a nine-week winning steak on Friday. Meanwhile, the Dow rose about 0.6%.
Monday marked the best single-day gains for the Nasdaq and S&P 500 since Nov. 14.
Dow component Boeing’s shares tumbled 8% after US authorities grounded some 737 Max 9 jets in the wake of a midair fuselage blowout. Fuselage maker Spirit AeroSystems’s (SPR) shares sank more than 10%.
Elsewhere, Nvidia (NVDA) stock soared more than 6% on a report that the semiconductor company could launch a China-focused AI chip in the second quarter of 2024. Crypto stocks also caught a bid as bitcoin (BTC-USD) touched above $47,000 for the first time since April 2022 amid excitement that an ETF for the world’s largest digital currency could be passed this week.
This week could bring a catalyst for the market, with earnings reports from big banks and a crucial reading on inflation ahead. The CPI inflation reading is due Thursday, while JPMorgan (JPM), Wells Fargo (WFC), and Bank of America (BAC) will kick off the fourth quarter earnings season.
Meanwhile, oil prices fell nearly 4% as investors absorbed Saudi Arabia’s decision to cut key prices of crude supplies to all regions, including its main Asia market.
