US close: Dow and S&P 500 both close at fresh record highs

(Sharecast News) - US stocks booked modest gains on Monday but that didn't stop the Dow Jones Industrial Average and S&P 500 both closing at new all-time highs. The Dow closed above the psychologically important barrier of 38,000 for the first time ever, rising 0.4% to 38,001.81, while the S&P 500 rose 0.2% to register its second-straight record of 4,850.43. The Nasdaq, meanwhile, gained 0.3% to 15,360.29.

"Wall Street's bull run shows no signs of petering out as the S&P 500 hit another new record high and the Nasdaq charged to a three-year peak thanks to continued exuberance about the potential for AI to fill coffers," said Danni Hewson, AJ Bell's head of financial analysis.

Quarterly results from Tesla are out on Wednesday, as the first of the so-called 'Magnificent Seven' tech stocks report to the market. IBM and Netflix also be in focus this week, along with central bank decisions in Japan and Europe on Tuesday and Wednesday, respectively.

"The first of those massively important Magnificent Seven stocks charges out of the gates later this week with its latest figures, but with plenty of warnings about production disruption, Chinese competition and huge discounting, investors aren't expecting much from Tesla," Hewson said.

On home shores, the US economic data schedule looks relatively sparse this week, though the personal consumption expenditures index - the Federal Reserve's preferred measure of inflation - will make headlines on Friday. The index is forecast to show that the annual rate of inflation eased to 3.0% in December from 3.2% in November - which was already the lowest level since April 2021.

NuStar-Sunoco deal hits headlines

Fuels storage and pipeline operator NuStar Energy surged 18% after agreeing to be bought by US gas station owner Sunoco in a $7.3bn all-share deal. Sunoco dropped 4% on the news.

Commodities trade Archer-Daniels-Midland dropped 24% after delaying its quarterly results and putting its CFO on leave on the back of an investigation into accounting practices within its nutrition unit.

Macy's rose strongly after saying over the weekend that it had rejected Arkhouse Management and partner Brigade Capital Management's $5.8bn proposal to take the department store chain private.

Gilead Sciences fell 10% after its Trodelvy treatment failed to significantly improve survival rates in a trial of patients with advanced lung cancer.

Boeing edged lower after the US Federal Aviation Administration recommended that operators check door plugs on another aircraft model.

Dow Jones - Risers

Walgreens Boots Alliance, Inc. (WBA) $22.56 2.55% Walt Disney Co. (DIS) $95.08 2.17% Unitedhealth Group Inc. (UNH) $512.99 1.87% Dow Chemical Co. (DOW) $53.60 1.42% Apple Inc. (AAPL) $193.89 1.22% Caterpillar Inc. (CAT) $288.67 1.19% Travelers Company Inc. (TRV) $213.99 1.03% American Express Co. (AXP) $184.98 1.00% Goldman Sachs Group Inc. (GS) $385.63 0.98% International Business Machines Corporation (CDI) (IBM) $172.83 0.79%

Dow Jones - Fallers

Home Depot Inc. (HD) $356.77 -1.58% Nike Inc. (NKE) $100.56 -1.20% McDonald's Corp. (MCD) $298.41 -0.71% Microsoft Corp. (MSFT) $396.51 -0.54% Coca-Cola Co. (KO) $59.57 -0.43% Salesforce.Com Inc. (CRM) $280.30 -0.21% JP Morgan Chase & Co. (JPM) $170.11 -0.12% Boeing Co. (BA) $214.93 -0.04% Dowdupont Inc. (DWDP) $0.00 0.00% Walmart Inc. (WMT) $162.39 0.01%

S&P 500 - Risers

Foot Locker Inc. (FL) $28.25 7.05% VF Corp. (VFC) $16.49 4.96% Albemarle Corp. (ALB) $120.75 4.88% Synopsys Inc. (SNPS) $541.71 4.72% Kohls Corp. (KSS) $26.08 4.66% CenturyLink Inc. (LUMN) $1.38 4.55% J.B. Hunt Transport Services Inc. (JBHT) $207.58 4.46% Zions Bancorporation (ZION) $43.32 4.08% Western Digital Corp. (WDC) $57.00 4.07% Nordstrom Inc. (JWN) $18.69 4.00%

S&P 500 - Fallers

Archer-Daniels-Midland Co. (ADM) $51.69 -24.20% Gilead Sciences Inc. (GILD) $78.43 -10.15% Nektar Therapeutics (NKTR) $0.51 -4.62% Carnival Corp. (CCL) $16.64 -3.98% Advanced Micro Devices Inc. (AMD) $168.18 -3.47% Freeport-McMoRan Inc (FCX) $37.48 -3.33% Paypal Holdings Inc (PYPL) $63.74 -3.16% Booking Holdings Inc. (BKNG) $3,504.22 -3.10% Wynn Resorts Ltd. (WYNN) $92.07 -2.29% State Street Corp. (STT) $74.31 -2.04%