Dow Jones and S&P 500 achieve new record closes
The major US indices closed with collective gains in Monday's session, supported by technology stocks, despite the decline in interest rate cut hopes and amid anticipation of the results of several important companies this week.
Market bets on a March rate cut have fallen to 40%, with more focus now on a cut starting in May, with a 53% chance.
Netflix, Tesla, and Johnson & Johnson are scheduled to report their financial results this week, while Apple and Microsoft will announce their results next week.
Performance of major US indices:
The Dow Jones Index rose by 0.36%, equivalent to 138 points, in Monday’s session, to close above 38,000 points for the first time in its history.
The Nasdaq Composite Index rose 0.3%, recording its highest close in nearly two years.
The S&P 500 index also rose by 0.2%, achieving a record close for the second session in a row.
Today, Apple's market value reached $3 trillion, regaining its position as the largest company in the world after Microsoft dominated first place for more than a week.
Gilead shares
Gilead shares fell 10% on Monday, recording its largest daily loss in 9 years, after a cancer drug missed its main target in late-stage studies.
Tesla shares:
Tesla shares fell by 1.6% in Monday’s session, recording its lowest close in about 3 months, causing the company to lose $11 billion in market value in one day.
These losses came after Morgan Stanley cut its stock price target to $345 from $380.
The bank's analysts explained that the global momentum for electric vehicles is slowing, as the market suffers from an excess of supply versus demand.
