Stock market today: Tech-heavy Nasdaq pushed higher by Tesla after Friday rout
- US stocks were traded mixed on Monday amid a 6% surge in Tesla stock.
- Fed Chair Powell's speech dampened rate-cut expectations last week, impacting market sentiment.
US stocks traded mixed on Monday after seeing sharp losses on Friday sparked by Federal Reserve Chair Jerome Powell.
Powell said in a speech on Thursday that the Fed is not in a rush to cut interest rates, sparking investor worries that the Fed may not be as aggressive as previously thought in lowering rates.
Investors are now pricing in a 58% chance of a 25-basis-point rate cut at December's Fed meeting, down from 80% before Powell's comments.
On Monday morning, the tech-heavy Nasdaq rose 0.2%, driven by a surge in Tesla stock. Shares of the EV maker jumped as much as 6% after a Bloomberg report said the Trump administration plans to ease self-driving car regulations.
Looking ahead, investors will be focused on Nvidia's earnings report, which is due after the market closes on Wednesday.
For economic data, traders will be paying attention to housing starts and building permits, due out Tuesday morning, followed by existing home sales and initial jobless claims set to be released Thursday morning.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
- S&P 500: 5,874.71, up 0.1%
- Dow Jones Industrial Average: 43,412.30, down 0.1% (28 points)
- Nasdaq composite: 18,719.03, up 0.2%
Here's what else is going on:
- The stock market's Trump honeymoon is starting to turn sour
- Spirit Airlines filed for Chapter 11 bankruptcy protection on Monday.
- Nvidia's next-gen Blackwell GPU chip has reportedly hit an overheating snag.
- Watch these 4 signs of re-inflation ahead of Trump's second administration.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil rose 1.24% to $67.75 a barrel. Brent crude, the international benchmark, was higher by 1.25% to $71.93 a barrel.
- Gold increased 1.54% to $2,609.70 an ounce.
- The 10-year Treasury yield rose 1 basis point to 4.452%.
- Bitcoin gained 0.22% to $90,072.