S&P 500 reached a record-high of 5,859 points on Monday, ahead of important corporate earnings this week.
The S&P 500 Index was 0.8% above its previous closing at the time this article was written.
The Dow Jones Industrial Average rose by 0.4% while the Nasdaq Composite grew 0.9%.
On Tuesday, Goldman Sachs and Johnson & Johnson will report their results.
Morgan Stanley and United Airlines are also releasing their quarterly earnings reports on Wednesday.
This week, Walgreens Boots Alliance will also be releasing their earnings.
JPMorgan Chase & Wells Fargo started the earnings season for the third quarter on a positive note last week.
Longboard Pharmaceuticals jumps 51%
Sarees of Longboard Pharmaceuticals soared by more than 51% after Denmark’s H Lundbeck announced it would purchase the company for $2.6 billion.
Lundbeck announced that it will buy Longboard for 60 cents per share. Longboard is known as a potential epilepsy drug.
According to an Investing report, Longboard’s lead drug, bexicaserin has demonstrated encouraging results in anti-seizure studies both preclinical as well as clinical. Report by Investing.com. The report stated that Bexicaserin was being tested in an international late-stage program.
Stocks of big tech companies surge
Apple shares rose by 1.3% Monday while NVIDIA Corporation’s surged 2.7%.
Microsoft Corporation gained almost 1% as well, and other companies such as Broadcom Inc. and Oracle also saw gains.
NVIDIA Corporation’s stock was trading near the intraday record high of $141,76 per share.
On Monday, the chipmaker’s shares traded as low as $138.61 each.
According to CNBC, this year the stock gained 178%.
The iShares Expanded Tech Software ETF rose by 0.6% Monday and set a new record intraday high for the fund since 2001.
Five consecutive days of trading have seen the exchange-traded funds rise.
Autodesk, MicroStrategy and other notable companies gained in the ETF.
Boeing shares slump
Boeing Co. shares fell 3% in early trading on Monday, before recovering some of their losses.
The shares were trading 0.9% lower than the last close at the time this article was written.
Boeing shares dropped Monday after the company announced that it would be laying off 17,000 employees, or 10% of the global workforce.
The company announced last week that it would be cutting jobs for managers, employees, and executives.
Oil prices fall 2% after OPEC reduces demand estimates
On Monday, oil prices fell more than 2 percent as fears about a weak demand in China affected sentiment.
The Organization of the Petroleum Exporting Countries has also cut back its projections for the growth of global oil demand in 2024 as well as 2025.
The third time in a row, OPEC revised their estimates of global demand growth.
OPEC has cut their forecast of growth in the demand for oil as lower consumption in some parts of the globe weighed down on the outlook.
The price of West Texas Intermediate Crude was $74,18 per barrel at the time this article was written, down by 1.8%.
Brent crude oil traded on the Intercontinental Exchange dropped 1.6% on Monday to $77.79 per barrel.
The post S&P500 hits new record highs; Dow rises as Longboard Pharmaceuticals soars by 51%, and tech stocks increase may be updated as events unfold.
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