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The S&P 500 Index ($SPX) closed up 0.26% on Monday, alongside the Dow Jones Industrial Average ($DOWI) rising 0.15%, and the Nasdaq 100 Index ($IUXX) increasing by 0.44%. December E-mini S&P futures and Nasdaq futures also saw gains of 0.24% and 0.42%, respectively. The 10-year T-note yield fell to 4.14%, a decrease of 3 basis points.
Market optimism was fueled by a stronger-than-expected increase in August pending home sales, which rose 4.0% month-over-month, surpassing the anticipated 0.4%. The Federal Reserve faces mixed signals on interest rates, with the chance of a 25 basis point rate cut at the upcoming FOMC meeting on October 28-29 priced at 89%.
Chipmakers led technology stocks higher despite a 3% drop in WTI crude oil prices, leading to declines in energy producers. Merus NV surged over 35% following Genmab’s acquisition announcement, while Robinhood Markets rose more than 12% after reporting significant transaction volumes.
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