Recent Market Updates: S&P 500, Nasdaq Hit Record Highs, Apple Continues to Climb

The S&P 500 and Nasdaq Composite closed higher on Monday, reaching fresh record highs as Wall Street gears up for new inflation data and the start of the second-quarter earnings season. The S&P 500 added 0.10% to close at 5,572.85, while the Nasdaq advanced 0.28% to 18,403.74. Meanwhile, the Dow Jones Industrial Average pulled back slightly to finish at 39,344.79.

Apple is on track to close at a new all-time high on Monday, marking its fifth consecutive record close. The tech giant also hit a new intraday high of $227.70. This positive momentum comes after a strong performance in the market.

Morgan Stanley predicts a robust merger and acquisition market ahead, regardless of the outcome of the U.S. election. The investment bank believes that market conditions will continue to drive M&A activity, with a multiyear recovery expected to begin in 2024.

Goldman Sachs analysts are optimistic about Wells Fargo ahead of its quarterly report, citing potential upside in net interest income and earnings. The bank’s shares have been on the rise in 2024, up about 20% year to date.

Investor Richard Bernstein warns that the current focus on a select group of tech stocks may be overshadowing other opportunities in the market. He advises reallocating capital to sectors like industrials, energy, and materials.

Overall, the market is showing signs of strength, with various sectors and individual stocks hitting fresh highs. The energy sector, in particular, is expected to make a comeback after a recent pullback.

In other news, Boeing has agreed to plead guilty to a criminal fraud charge related to the 737 Max crashes, while European stocks opened higher following a surprise win for the left-wing coalition in France’s parliamentary election.