Another record high for stocks as tech heavyweights put market on their shoulders

The S&P 500 and Nasdaq 100 set fresh record closing highs to kick off the week, up 0.4% and 0.5%, respectively, while the Russell 2000 outperformed with a 0.6% advance.

While indexes are making new highs, breadth is not. Over the past 15 trading days, the S&P 500 has moved higher despite more of its constituents falling than rising on seven occasions, including today. That’s tied for the highest frequency of the US benchmark index and its components diverging over a three-week span on record, based on data going back through 1997.

Tech and utilities were the only two S&P 500 sector ETFs to go positive on the day. Consumer staples was far and away the worst performer.

Gains on the day were led by Teradyne, which jumped nearly 13% after the semiconductor test equipment maker got a price target hike from Susquehanna to $200 from $133. Declines were led by Kenvue, which fell 7.5% following reports that President Donald Trump would soon announce a link between prenatal use of Tylenol and autism. Elsewhere…

Nvidia surged nearly 4% as the company said it would invest as much as $100 billion into OpenAI as part of an unprecedented data center buildout.

Apple was up more than 4% after Wedbush Securities analyst Dan Ives raised his price target on the tech giant to $310 from $270 thanks to “early strong demand signs” for the iPhone 17.

Of the 46 basis points in total return for the SPDR S&P 500 ETF on Monday, Nvidia and Apple contributed 58 basis points, as most other components went down.

Oracle leapt over 6% after the hyperscaler announced that its CEO for the past 11 years, Safra Catz, is stepping down and being replaced by two new co-CEOs.

Snap soared 4.3% as the stock receives a lot of positive attention from the r/WallStreetBets subreddit.

Oklo jumped almost 4% after Ives boosted his price target on the stock to a whopping $150 from $80 on Sunday.

Pfizer ended virtually flat after the vaccine maker announced that it would acquire anti-obesity drug developer Metsera. Metsera soared over 60% on the news.

Moderna rose more than 5% after a federal vaccine panel adopted a recommendation for the COVID-19 vaccine that was better than investors were pricing in.

Fox rose after Trump said that Rupert Murdoch and his son Lachlan, the chief executive of Fox, are “probably” going to be involved in the investor group looking to buy TikTok in the US.

Shares of Better Home & Finance spiked nearly 47% after EMJ Capital founder Eric Jackson posted on X, dubbing the online mortgage lender the “Shopify of mortgages.”

BYD was marginally positive even as Berkshire Hathaway fully exited its stake in the world’s largest EV maker, according to a CNBC report over the weekend.