Major equity indices closed higher on Monday as technology shares powered a rebound that pushed the Dow Jones Industrial Average to fresh intraday and closing records.
The Nasdaq advanced 0.9%, while the S&P 500 added 0.5%. The Dow finished slightly higher, up less than 0.1%, after marking an all-time high for the second consecutive session.
Markets recovered sharply from last Thursday’s sell-off. Friday delivered gains of at least 2% across the major indices. The Dow surged more than 1,200 points, crossed the 50,000 mark for the first time and snapped a three-week losing streak. The Nasdaq, however, extended its decline to four weeks, and the S&P 500 fell for the third time in four weeks.
Monday’s rally concentrated in technology. AppLovin and Oracle led the S&P 500, rising 13% and nearly 10%. Microsoft and Nvidia drove the Dow, climbing roughly 3% and 2.5%. Six of the Magnificent Seven stocks finished higher. Apple and Amazon lagged, slipping 1.2% and 0.8%.
Healthcare news added volatility. Shares of Novo Nordisk gained about 3.5%. Hims & Hers Health plunged 16% after announcing it had “decided to stop offering access” to its copycat version of Novo Nordisk’s Wegovy weight-loss drug. Novo Nordisk escalated the dispute, stating it was suing Hims & Hers “to protect patients from unsafe, knock-off Wegovy and Ozempic.”
Corporate leadership and partnerships also moved markets. Kroger shares rose around 4% after the company appointed former Walmart executive Greg Foran as chief executive. STMicroelectronics jumped 9% following news of an expanded partnership with Amazon Web Services.
Digital assets steadied. Bitcoin traded near $70,800 late in the session after swinging sharply on Friday, when it fell to just above $60,000 before rebounding past $70,000.
Commodities posted mixed signals. Gold futures climbed 2.5% to $5,100 an ounce, well below the $5,625 peak reached on 29 January. Silver rose 8.5% to $83.60, far from its late-January high of roughly $121.75.
Bond yields edged lower, easing pressure on borrowing costs. The 10-year Treasury yield slipped to 4.20% from about 4.22%. Oil prices firmed, with West Texas Intermediate crude up 1% at $64.25 a barrel. The US dollar weakened, with the dollar index down 0.8% at 96.83.
The session underscored how heavily market momentum now depends on technology leaders. When they move together, they lift indices. When they hesitate, the broader rally quickly loses footing. What happens if that concentration finally breaks?
Author: Pishon Yip