The Dow Jones Industrial Average rose on Monday as investors turned their attention away from large technology stocks and toward other sectors, including banks and energy. The rotation sent the Dow Jones up 328 points, or 0.8%. Meanwhile, the S&P 500 rose 0.3%, while the tech-heavy Nasdaq Composite fell 0.3%.
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ToggleDon’t look at performance from the perspective of industry
Information technology was the only industry to fall today, down 0.8%. In comparison, Energy, Financials and Utilities each gained more than 1%. Dow members including JPMorgan Chase, Goldman Sachs and Chevron all rose more than 1%.
Nvidia falls back to third place in market capitalization
Huida fell sharply on Monday, down 5%, adding to last week's 4% loss, ending an eight-week winning streak. The sell-off came after Huida briefly surpassed Microsoft as the most valuable U.S. company. Still, Huida's shares are up about 150% this year, making it the second-best performer in the S&P 500. Analysts view Huida's pullback as healthy.
AI drives market sentiment
This year, overall market sentiment has improved significantly due to enthusiasm for artificial intelligence, helping the S&P 500 index rise nearly 15% this year and achieve 31 record closing prices.
Economic data released this week: PCE
Important inflation data this week, especially May's personal consumption expenditures (PCE) data, which is the Fed's preferred inflation measure. The data will be released on Friday and could provide further perspective on the economic outlook.
The stock market is hot and the currency market is miserable
The U.S. stock index has reached historical highs. However, due to the lack of new topics and liquidity, the cryptocurrency market is facing the situation of Bitcoin falling below 60K, ETH falling below 3300, and Altcoin generally falling sharply.
