Tech Stocks Leading Upward Move On Wall Street

Stocks have moved mostly higher during trading on Monday, adding to the strong gains posted last week. With the upward move, the Nasdaq and the Dow have reached new record intraday highs.

Currently, the major averages are all in positive territory, with the tech-heavy Nasdaq leading the way higher. The Nasdaq is up 108.35 points or 0.7 percent at 16,794.32, the S&P 500 is up 19.40 points or 0.4 percent at 5,322.67 and the Dow is up 43.27 points or 0.1 percent at 40,046.86.

Technology stocks are turning in some of the market’s performances on the day, as reflected by the notable advance by the Nasdaq.

Considerable strength is also visible among semiconductor stocks, resulting in a 1.8 percent jump by the Philadelphia Semiconductor Index.

Chipmaker Micron Technology (MU) has helped lead the way higher, surging by 3.9 percent after Morgan Stanley upgraded its rating on the company’s stock to Equal Weight from Underweight.

Ai darling Nvidia (NVDA) has also shot up by 2.3 percent ahead of the release of its fiscal first quarter results after the close of trading on Wednesday.

Commodities stocks are also seeing some strength on the day, while most of the major sectors are showing more modest moves.

Traders may be reluctant to make more significant moves amid a lack of major U.S. economic data on the day.

The economic calendar remains relatively quiet throughout the week, although reports on durable goods orders and new and existing home sales may attract some attention along with the minutes of the latest Fed meeting.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index climbed by 0.7 percent, while China’s Shanghai Composite Index rose by 0.5 percent.

The major European markets have also moved to the upside on the day. While the U.K.’s FTSE 100 Index is up by 0.1 percent, the German DAX Index and the French CAC 40 Index are both up by 0.3 percent.

In the bond market, treasuries are extending the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.3 basis points at 4.443 percent.

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