The U.S. stock market set more record highs on Monday, boosted by a court win for Facebook and broad strength in tech stocks.
The S&P 500 ticked up 0.23% to 4,290.61 for its third-straight record close.
While the Nasdaq rose 0.98% to an all-time closing high of 14,500.51.
The Dow Jones Industrial Average, however, slid 150.57 points to 34,283.27 as energy and transport stocks came under pressure.
Tech stocks were in the driver’s seat on Monday, with shares of Apple and Salesforce adding more than 1%. Facebook jumped more than 4% after a U.S. federal court dismissed an antitrust case against the company from the Federal Trade Commission and closed with a market cap above $1 trillion. Semiconductor stocks were a bright spot on Monday, with Nvidia rising 5% and Broadcom climbing more than 2%.
The next major piece of economic data is the June jobs report, which the Labor Department is scheduled to publish on Friday.
Economists are expecting that nonfarm payrolls increased by 683,000 in June. While such a robust reading would top the 559,000 in May, it would still be below the 1 million some had hoped a recovering U.S. economy could post as it emerged from the Covid-19 crisis.
Investors will also pore over the June report for any signs of wage inflation as employers struggle to find workers to fill job openings and pandemic-era jobless benefits taper off in some states.
Reference: CNBC
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