The ISM report showed that the Purchasing Managers' Index for services came in at 54.9% in September, roughly in line with expectations.
- The S&P 500 ended Monday 0.7% higher, the Nasdaq 100 rose 0.9%, and the Dow Jones Industrial Average added 0.2%.
- SpaceX is proposing to build a natural gas pipeline in Florida to deliver fuel for its Starship rockets.
- Brent crude hovered around the $100 level.
U.S. stock indices ended higher on Monday, tracking sharp gains in chipmakers and broader technology stocks as investors shrugged off risk tied to soaring yields.
The S&P 500 ended Monday 0.7% higher, the Nasdaq 100 rose 0.9%, and the Dow Jones Industrial Average added 0.2%. The Russell 2000, which tracks small-cap stocks, gained 0.5%.
The SPDR S&P 500 ETF (SPY) rose 0.7%, the SPDR Dow Jones Industrial Average ETF (DIA) rose 0.3%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) added 0.9%.
Meanwhile, the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF (SOXX) rose about 0.6% and 0.2% each, tracking gains in Nvidia (NVDA) and Broadcom (AVGO), while weakness in Intel (INTC) limited gains. The broader Vanguard Information Technology ETF (VGT) added about 0.8%.
Retail sentiment on Stocktwits for QQQ, SPY, and DIA was ‘bullish’ with ‘high’ message volumes.
US Market Drivers
| Index | Move | Close |
| Dow Jones Industrial Average | 0.2% | 51,267.90 |
| S&P 500 | 0.7% | 7,773.95 |
| Nasdaq 100 | 0.9% | 31,076.44 |
A rally in key artificial intelligence plays propelled the Nasdaq higher, led by SpaceX (SPCX), which advanced more than 7%. Meta Platforms (META) and Microsoft (MSFT) logged gains of nearly 2% and more than 1%, respectively, while chipmaker Nvidia (NVDA) and electric vehicle giant Tesla (TSLA) each moved up 2%.
Tech is “sort of like the inverse bond trade,” Infrastructure Capital Advisors founder and CEO Jay Hatfield told CNBC. “It’s buy tech, sell everything else, and so it’s kind of an unstoppable juggernaut.”
“It really doesn’t matter what they pay for debt, and the demand for compute is so strong, [so tech is] not really impacted by interest rates,” Hatfield said.
Separately, data from the ISM showed the services Purchasing Managers Index landed at 54.9% for September, meeting market consensus. The reading, however, reflected a minor slowdown from the expansion pace registered in August.
Easing oil prices also aided investor sentiment on Monday. Brent crude futures fell 1.89% to $100.32 per barrel, and West Texas Intermediate crude dropped 1.8% to $89.43 a barrel.
Key Trending Stocks
Shares of SpaceX (SPCX) closed 8% higher on Monday after a report that the company has proposed a natural gas pipeline in Florida to fuel Starship launches from Cape Canaveral.
Tesla (TSLA) remained on investors’ radar on Monday after better-than-expected third-quarter deliveries last Friday, though UBS said the beat was partially offset by weaker energy storage deployments.
Shares of Critical Metals (CRML) jumped more than 10% on Monday before shedding most of the gains, after Greenland approved the Mining Plan and Closure Plan for its Tanbreez rare-earth project.
Qualcomm Inc. (QCOM) and Arm Holdings PLC (ARM) are reportedly returning to federal court in Delaware on Monday, with potentially billions of dollars in royalty payments at the center of the latest phase of their legal dispute.
Foxconn, also known as Hon Hai Precision Industry, posted its strongest-ever monthly revenue in September, offering a fresh read on demand across the AI infrastructure and consumer electronics markets heading into the final quarter, aiding Nvidia (NVDA).
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