Wall Street closed mixed on Monday, holding a bit firmer following its three-week losing streak. The S&P 500 rose 0.7% as gains for Tesla, Microsoft, and other Big Tech stocks lifted the index. That's even though the majority of stocks fell. The S&P 500 rose 30.06 points to 4,399.77. The Dow Jones Industrial Average fell 36.97 points, or 0.1%, to 34,463.69. The Nasdaq composite rose 206.81 points, or 1.6%, to 13,497.59. In the bond market, the 10-year Treasury yield touched its highest level since 2007. A big event for the market this week will be Nvidia's profit report on Wednesday, the AP reports. The chip maker's stock has more than tripled this year on excitement about demand for artificial-intelligence technology.
Nvidia rose 8.5% Monday. Microsoft, another AI winner this year, rose 1.9%. They were the two strongest forces lifting the S&P 500. Tesla, another high-growth stock that's been hurt recently by the threat of higher rates, rose 7.3% to recover some of its 11% loss from last week. Security software maker Palo Alto Networks jumped 14.8% for the biggest gain in the S&P 500. The California company reported better profit for the spring than analysts expected. On the losing end of Wall Street was Nikola, which has recalled more than 200 electric trucks following a couple battery fires. It said it can't guarantee when it will resume selling the trucks and that it will raise $325 million by selling convertible bonds. It fell 23%
This week's main economic event is likely to be a speech on Friday by Federal Reserve Chair Jerome Powell. The Jackson Hole, Wyoming, setting for his speech has been the site of major policy announcements in the past by the Fed, and it's one of the most important events each year for central bankers globally. The worry is that Powell will dash investors' hopes that the Fed has already hiked interest rates for the final time and that its next move will be to cut rates early next year. The Fed has already pulled its main interest rate to its highest level since 2001 in an effort to grind down high inflation.
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