Nvidia Corp. (NASDAQ:NVDA) is up 2% in midday trading Monday, moving within striking distance of its all-time high—now less than 2 percentage points away—as investors remain upbeat ahead of the company's highly anticipated earnings release this week.
The enthusiasm around Nvidia comes even as the broader market takes a modest step back following Friday's Fed-fueled rally.
Investors are pausing to reassess after a sharp move higher, spurred by dovish comments from Federal Reserve Chair Jerome Powell that rekindled hopes for a September rate cut.
Energy prices are also drawing attention. Crude oil jumped 2% to above $65 a barrel, marking its fourth straight day of gains and raising new inflation concerns just as markets start to price in looser financial conditions.
Geopolitical risks are back in focus. Hopes for a diplomatic breakthrough in the Ukraine war dimmed further as the odds of a Putin-Zelenskyy meeting faded, while Israel launched a strike on a Gaza hospital targeting a Hamas surveillance camera on the building’s roof, reportedly killing five journalists, according to AP News.
The U.S. dollar bounced slightly, rising 0.5% after sliding 0.9% on Friday. Meanwhile, Treasury yields ticked higher, with the 10-year yield up 2 basis points to 4.28%, reflecting a cautious tone in fixed income.
In crypto markets, the weekend selloff extended into Monday. Bitcoin (CRYPTO: BTC) fell 0.9% to $112,500, on pace for its third consecutive daily decline. Losses were steeper elsewhere: Dogecoin (CRYPTO: DOGE) dropped 6.2%, Ethereum (CRYPTO: ETH) slid 4.5%, and Solana (CRYPTO: SOL) declined 5.1%, all almost erasing Friday’s gains.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Nasdaq 100 | 23,527.05 | 0.0% |
| S&P 500 | 6,464.09 | -0.1% |
| Russell 2000 | 2,349.76 | -0.6% |
| Dow Jones | 45,424.98 | -0.7% |
According to Benzinga Pro data:
- The Vanguard S&P 500 ETF (NYSE:VOO) eased 0.1% to $592.56.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) slipped 0.6% to $454.13.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) was unchanged at $5724.4.
- The iShares Russell 2000 ETF (NYSE:IWM) dropped 0.6% to $233.48.
- The Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, up 0.4%; the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) lagged, down 1.2%.
S&P 500’s Top Movers Of The Day
| Name | Chg % |
|---|---|
| Seagate Technology Holdings plc (NASDAQ:STX) | 3.36% |
| Western Digital Corp. (NASDAQ:WDC) | 3.30% |
| Deckers Outdoor Corp. (NYSE:DECK) | 3.20% |
| Wynn Resorts Ltd. (NASDAQ:WYNN) | 2.95% |
| APA Corp. (NASDAQ:APA) | 2.93% |
| Name | Chg % |
|---|---|
| Keurig Dr Pepper Inc. (NASDAQ:KDP) | -9.20% |
| CSX Corp. (NASDAQ:CSX) | -6.12% |
| DexCom Inc. (NASDAQ:DXCM) | -5.99% |
| Moderna Inc. (NASDAQ:MRNA) | -3.96% |
| Eversource Energy (NYSE:ES) | -3.69% |
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Image created using artificial intelligence via Midjourney.
