Tuesday, July 5

S&P 500, Nasdaq close at record highs as mega-cap tech spurs gains

The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City

  • US stocks traded near record highs Monday spurred by tech shares
  • The yield on the US 10-year Treasury note was trading at 1.482%.
  • Bitcoin rose while oil and gold slipped.

US stocks closed mostly higher on Monday, with the S&P 500 and Nasdaq both hitting record highs on the back of gains in mega-cap technology stocks.

Tech companies such as Apple, Amazon, Facebook, and Zoom outperformed. A judge on Monday dismissed antitrust lawsuits by the Federal Trade Commission that were seeking to brand the social media giant as an unlawful monopoly.

Later this week, investors will turn their attention to US non-farm payroll data on Friday. This will give an indication of how consistently the economy is recovering from the pandemic and what that might mean for the outlook for inflation.

Stocks recently have been edging higher thanks to robust economic data, the prospect of more fiscal stimulus, and continued low yields.

The yield on the US 10-year Treasury note was trading at 1.482%.

Here’s where US indexes stood at the 4:00 pm ET close on Monday:

Shares of Intellia Therapeutics soared as much as 63% after the company released promising data from its ongoing phase one trial of a gene-editing CRISPR drug.

Meme stock and Reddit favorite AMC Entertainment climbed higher, surging 10% following a strong weekend at the movies thanks to hot weather and the opening of “Fast and Furious 9”.

Insider is tracking the five top insider stock buys from last week.

More broadly, the US IPO market had its busiest quarter in over 20 years with newly public stocks roaring back after a downturn in May. The second quarter of 2021 saw 113 IPOs raising $39.9 billion, data from Renaissance Capital reveals.

In cryptocurrencies, bitcoin climbed 5.44% to $34,427 while ether spiked 16% to $2,095.

Ether last week saw record outflows of $50 million, the largest since 2015 and a turnaround from a broader trend this year, as a growing number of investors diversify their portfolios away from bitcoin, data from CoinShares show.

Oil prices edged lower, as a spike in COVID-19 cases in Asia stalled a recent rally ahead of this week’s OPEC+ meeting.

West Texas Intermediate crude slipped 1.61% to $72.86 per barrel. Brent crude, oil’s international benchmark, also fell 2.06%, to $74.63 per barrel.

Gold slid 0.20% to $1,778.84 per ounce. The price of the precious metal remains subdued as investors continue to assess the Fed’s policy stance.