Stocks in New York gain momentum and indices hit new records

Stocks in New York gained momentum and closed higher on Monday (10), after a slightly negative opening. Investors operated without major economic drivers today, awaiting the May reading of the US Consumer Price Index (CPI) and the Federal Reserve’s interest rate decision on Wednesday (12).

The Dow Jones index closed up 0.18% at 38,868.04 points; the S&P 500 rose 0.26% to 5,360.79 points; and the Nasdaq advanced 0.35% to 17,192.53 points – both the S&P 500 and Nasdaq once again hitting new record highs.

Today’s session also marks a recovery in the American stock market, following losses in the previous session, when the official May jobs report in the United States showed a strong hiring volume and pointed to a longer period of Fed restrictive monetary policy.

In terms of stocks, Advanced Micro Devices (AMD), one of Nvidia’s main competitors in the generative artificial intelligence hardware manufacturing sector, fell 4.5% and was among the biggest daily declines in the S&P 500. The company’s stock fell after Morgan Stanley withdrew its buy recommendation.

[Image Source: Seth Wenig/AP]