The S&P 500 Index closed up 0.19%, reaching a new all-time high on Monday, along with the Nasdaq 100, which rose 0.29%. The Dow Jones Industrial Average also gained 0.19%. June E-mini S&P futures increased by 0.18% while June E-mini Nasdaq futures climbed by 0.28%. These increases were fueled by strong corporate earnings and optimism surrounding artificial intelligence, despite rising oil prices and bond yields linked to ongoing tensions in the Middle East.
In U.S. economic news, April existing home sales saw a modest increase of 0.2% month-over-month to 4.02 million, falling short of the expected 4.05 million. Conversely, China reported strong trade figures, with April exports up 14.1% year-over-year, exceeding the anticipated 8.4%, and imports rising 25.3%, compared to the expected 20%. WTI crude oil prices surged over 2% amid concerns following the rejection of peace proposals between the U.S. and Iran, with Goldman Sachs estimating a potential drawdown of 1 billion barrels from global crude stockpiles by June due to the situation.
On the corporate front, 83% of S&P 500 companies that have reported Q1 earnings thus far have beaten estimates, with expectations for a 12% year-over-year increase in earnings. Notably, Qualcomm shares rose over 8% amid strong AI infrastructure optimism, while consumer-exposed stocks faced pressure due to warnings about weakening demand.
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