Source: Sharecast
“Markets like stability, they like to be able to see what’s coming around the next corner and over on Wall Street investor sentiment is bubbling higher as the potential for the Fed’s first rate cut in a year appears to be coming into sharp focus," said Danni Hewson, AJ Bell's head of financial analysis.
The Dow and S&P 500 rose 0.3% and 0.2% respectively, with both settling just a handful of points below their record highs. However, the Nasdaq managed to push 0.5% higher to a new closing high of 21,798.70.
Traders were looking ahead to two major inflation releases this week, with the latest US jobs report fuelling speculation that the Federal Reserve may move to cut interest rates at its upcoming policy meeting.
The producer price index for August was scheduled for release on Wednesday, followed by the consumer price index on Thursday, with both expected to provide further clarity on the trajectory of inflation and the Fed's next steps after Friday's non-farm payrolls data showed weaker-than-expected hiring in August.
The CME FedWatch Tool shows that markets are now pricing in a 90% probability of a 25-basis point cut to the Federal Funds Rate on 16-17 September.
Notably, Standard Chartered said in a recent research note to clients that it expects the Fed to cut rates by 50 basis points this month, up from an earlier prediction of a 25-basis point cut, on the back of a weakened labour market.
Market movers
US-listed shares of Chinese companies Baidu, NetEase and JD.com were providing a big lift to the Nasdaq, following Chinese markets higher over despite a disappointing set of trade data from the world's second-largest economy.
Chip group Broadcom surged 13%, as it continues to rise on the back of last week's record quarterly revenue figures, with Citi providing a boost after saying that the company provided a threat to sector leader Nvidia.
Tesla shares finished lower after it was reported that its domestic market share was at an eight-year low, with sentiment further dampened by the news that BMW and Mercedes are launching new high-end electric SUVs to compete with the American EV manufacturer.
Pennsylvania-based bank PNC Financial Services slipped after announcing the $4.1bn acquisition of smaller peer FirstBank, expanding its presence in the Colorado and Arizona regions. The transaction value comprises 13.9m in PNC shares and $1.2bn in cash.
Telecoms stocks Verizon, AT&T and T-Mobile US were also in the red following the news that SpaceX was paying $17bn to EchoStar for certain US wireless licences, causing shares in the latter to surge 20%.
Dow Jones - Risers
International Business Machines Corporation (CDI) (IBM) $255.38 3.13%
Unitedhealth Group Inc. (UNH) $320.58 1.62%
Walmart Inc. (WMT) $101.97 1.53%
Boeing Co. (BA) $231.15 0.64%
Walt Disney Co. (DIS) $118.24 0.27%
Nike Inc. (NKE) $74.02 0.18%
Home Depot Inc. (HD) $419.23 0.16%
Goldman Sachs Group Inc. (GS) $738.83 0.16%
Amgen Inc. (AMGN) $280.19 0.03%
Salesforce.Com Inc. (CRM) $250.75 0.02%
Dow Jones - Fallers
Dow Chemical Co. (DOW) $23.74 -2.88%
Verizon Communications Inc. (VZ) $43.36 -2.39%
Microsoft Corp. (MSFT) $498.20 -1.92%
Cisco Systems Inc. (CSCO) $66.88 -1.63%
Merck & Co. Inc. (MRK) $83.71 -1.16%
McDonald's Corp. (MCD) $311.31 -0.95%
Coca-Cola Co. (KO) $67.29 -0.94%
Procter & Gamble Co. (PG) $158.64 -0.87%
Apple Inc. (AAPL) $237.88 -0.79%
3M Co. (MMM) $154.15 -0.77%
S&P 500 - Risers
Nektar Therapeutics (NKTR) $44.33 23.21%
Broadcom Inc. (AVGO) $345.65 12.92%
CenturyLink Inc. (LUMN) $5.01 6.00%
Micron Technology Inc. (MU) $131.46 5.84%
Fortinet Inc. (FTNT) $80.36 5.13%
Lam Research Corp. (LRCX) $105.07 4.63%
Adobe Systems Inc. (ADBE) $358.66 4.17%
KLA-Tencor Corp. (KLAC) $908.98 4.09%
Intuitive Surgical Inc. (ISRG) $470.00 3.41%
Take-Two Interactive Software Inc. (TTWO) $248.78 3.38%
S&P 500 - Fallers
Advanced Micro Devices Inc. (AMD) $151.41 -6.42%
Celanese Corp. (CE) $46.24 -5.11%
Apache Corp. (APA) $22.26 -5.03%
Brown Forman Corp. Class B (BF.B) $27.57 -4.55%
CVS Health Corp (CVS) $70.83 -4.27%
Fastenal Co. (FAST) $48.19 -4.14%
Crown Castle International (CCI) $92.11 -4.04%
Chipotle Mexican Grill Inc. (CMG) $39.44 -3.96%
Diamondback Energy Inc. (FANG) $137.28 -3.83%
American Tower Corp (Reit) (AMT) $190.82 -3.73%
Nasdaq 100 - Risers
Broadcom Inc. (AVGO) $345.65 12.92%
Baidu Inc. (BIDU) $108.65 10.63%
NetEase Inc. Ads (NTES) $144.00 8.16%
JD.com, Inc. (JD) $32.85 6.21%
Micron Technology Inc. (MU) $131.46 5.84%
Asml Holdings N.V. (ASML) $796.25 5.68%
Lam Research Corp. (LRCX) $105.07 4.63%
Adobe Systems Inc. (ADBE) $358.66 4.17%
KLA-Tencor Corp. (KLAC) $908.98 4.09%
Sirius XM Holdings Inc (SIRI) $24.43 3.60%
Nasdaq 100 - Fallers
Fastenal Co. (FAST) $48.19 -4.14%
T-Mobile Us, Inc. (TMUS) $242.90 -3.66%
Starbucks Corp. (SBUX) $84.17 -3.26%
Mercadolibre Inc. (MELI) $2,346.96 -2.93%
Liberty Global plc Series C (LBTYK) $11.87 -2.22%
Cintas Corp. (CTAS) $202.78 -1.96%
Nvidia Corp. (NVDA) $168.31 -1.95%
Microsoft Corp. (MSFT) $498.20 -1.92%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $519.81 -1.83%
Liberty Global plc Series A (LBTYA) $11.71 -1.68%