NEW YORK (AP) — U.S. stocks are climbing to new all-time highs Monday.
The S&P 500 rose 0.6% in morning trading, breaking a record set on Friday. As of 10:10 a.m. ET, the Nasdaq Composite Index was up 1%, led by gains in Nvidia, Apple and other big tech stocks.
But on Wall Street, almost as many stocks were falling as they were rising, with the Dow Jones Industrial Average slipping 37 points, or 0.1%, from its record set last week.
Trading remained relatively quiet in Europe, but the U.S. bond market remained mixed as the market was closed for the holiday.
The strongest mover in global markets was China, whose finance minister on Saturday gave a long-awaited update on the world’s second-largest economy’s plans. Lan Foan said the government was considering additional ways to boost the economy, but stopped short of announcing another large stimulus package that investors had hoped for.
The market was confused by the lack of details. Shanghai stocks rose 2.1%, but Hong Kong’s Hang Seng Index fell 0.7%. Meanwhile, crude oil prices fell by more than 1% due to concerns about demand due to China’s economic slowdown.
Expectations for a massive economic stimulus package in China sent Chinese stocks soaring after years of stagnation. But investors are skeptical about the extent to which the economy can be reshaped and recovered.
“While clearly welcome, these efforts may not be enough to spur a new reflation cycle,” said Lisa Charette, chief investment officer at Morgan Stanley Wealth Management.
Besides oil, prices also fell for copper and other commodities that China’s healthy economy can eat into. That led to a 2.9% drop in prices for miners such as Freeport-McMoRan, the biggest loser in the S&P 500.
Boeing fell 2.8% in the first session after the aerospace giant warned it burnt through $1.3 billion in cash in its latest quarter and was on track to report a loss of $9.97 per share. Boeing also announced it would lay off 10% of its workforce in response to strikes that have devastated production of its best-selling aircraft.
The winner on Wall Street was SoFi Technologies. SoFi rose 8.9% after announcing a $2 billion lending platform deal with investment firm Fortress Investment Group to introduce pre-qualified borrowers.
Longboard Pharmaceuticals soared 51.1% after Denmark’s H. Lundbeck announced it would acquire the biopharmaceutical company in an all-cash deal valued at $2.6 billion.
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There will be little major economic reporting this week, aside from Thursday’s update on U.S. retailer sales figures to guide trading. This will put more emphasis on corporate earnings reports this week, after major banks started their earnings reporting season last week.
Bank of America, Johnson & Johnson and UnitedHealth Group will all report their latest financial results on Tuesday. Later this week, United Airlines, Netflix, American Express and Procter & Gamble will appear.
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AP Business Writer Elaine Kurtenbach contributed.
