Sailing Near Records in Choppy Waters Sailing Near Records in Choppy Waters

By: Alex Freidmen

The Dow and S&P 500 faced a minor setback during Monday’s trading session. However, the S&P 500 managed to touch another intraday record high, buoyed by the news of a forthcoming addition, Super Micro Computer, in place of Nvidia’s competitor, later in the month. On the other hand, the Nasdaq saw a dip due to Apple’s antitrust issues in Europe but remains close to its recent peak. Investors appear to be treading water as they await upcoming jobs data and Federal Reserve Chairman Jerome Powell’s testimony before Congress.

Further insights on today’s market include:

  • Bulls showed enthusiasm as Sea marked its first annual profit.
  • Consider a potential contrarian play with Lyft stock.
  • Updates on SPX new components hitting highs, a revised offer uplifting Macy’s stock, and the growing popularity of a chip stock.

5 Insights for the Day

  1. The European Union imposed a hefty fine of nearly $2 billion on Apple for allegedly favoring its music streaming service unfairly, thus violating competition laws. (MarketWatch)
  2. The Supreme Court overturned a Colorado court’s ruling that previously barred former President Donald Trump from the state’s Republican presidential primary ballot. (CNBC)
  3. The two newest SPX additions wasted no time in achieving all-time highs.
  4. Macy’s stock received a boost from a revised buyout offer.
  5. Call traders are increasingly drawn to a semiconductor MVP.

Gold Prices Hit New Highs

Amidst Monday’s market fluctuations, oil prices took a dip as OPEC+ extended voluntary production cuts for the next quarter, in an expected move. WTI crude for April delivery fell by $1.23 to close at $78.74 per barrel.

In contrast, gold prices soared to a fresh record high, fueled by expectations of Federal Reserve interest rate cuts later in 2024. Gold for April delivery surged by $30.60 to settle at $2,126.30 per ounce.

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