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Nasdaq leads Wall Street recovery after Biden drops out of race The Nasdaq stands out amid rising Wall Street.
The New York Stock Exchange closed higher on Monday, especially the Nasdaq.
Among them, the Dow Jones Industrial Average rose 0.32% to 40,415.44 points, the S&P 500 rose 1.08% to 5,564.4 points, and the technology-rich Nasdaq index rose 1.58% to 18,007.57 points.
The S&P 500 rose on Monday, notching its best one-day gain since June 5 as technology stocks rebounded after the index suffered its worst weekly loss since April.
During this trading day, investors remained very focused on the political situation in the United States given that Joe Biden withdrew from the presidential race.
Nvidia shares rose 4.8%, recovering an 8% loss from last week. Other large tech stocks such as Meta Platforms and Alphabet also rose more than 2%.
CrowdStrike was the worst performer in the S&P 500, falling 13.5%, and was down nearly 18% last week.
Several macroeconomic reference data will be released this week, which investors will closely watch, the most important of which is the PCE consumption deflator (Friday), which is crucial in determining the direction of the Federal Reserve’s (Fed) monetary policy and strengthening expectations for economic growth after the first interest rate cut in September.
Also on the agenda are July industrial and services PMIs (Wednesday), as well as second quarter GDP (expected to rise to 2%, after 1.4% previously), and weekly unemployment data (Thursday to Thursday).
On the corporate level, earnings season continues for Tesla or Alphabet, which will be released on Tuesday.
Elsewhere, West Texas Intermediate crude fell 0.22% ($79.95) and Brent crude fell 0.38% ($82.32).
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