Tech Stocks Propel Wall Street to Record Highs Amid Earnings Season

Wall Street closed higher on Monday, driven by gains in technology stocks as major indices, S&P 500 and Dow, reached new records. Investors eagerly await corporate earnings reports to assess the U.S. economy's health. Semiconductor stocks led gains while major companies like Apple and Microsoft advanced.

Wall Street hit new record highs on Monday, with the S&P 500 and the Dow Jones Industrial Average leading gains, driven by technology stock performances as investors geared up for a busy corporate earnings week and key economic data releases.

Technology stocks, particularly semiconductors, spurred the upward momentum despite subdued trading due to the bond market closure. Nvidia, Arm Holdings, and Qualcomm contributed to the semiconductor index climbing to an over two-month peak. Meanwhile, giants like Apple and Microsoft also saw significant advances.

Despite the Dow surpassing 43,000 points for the first time, gains were tempered by a drop in Caterpillar and Boeing. With S&P 500 valuations high, companies face challenges in meeting investor expectations. However, analysts expect a positive earnings cycle as the bar is set lower than in previous cycles.

(With inputs from agencies.)