COOLING US-IRAN TENSIONS SPARK RALLY IN TECH, GROWTH STOCKS
U.S. stocks advanced on Monday, with the Nasdaq TVC:IXIC gaining 2.1%, as weekend hostilities between the United States and Iran eased and as major technology-related shares rose following recent selling.
A source told Reuters that Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, with the weekend strikes threatening to derail the fragile agreement.
A majority of S&P 500 CBOE:SPX sectors rose on the day, led by communication services SP:S5TELS, consumer discretionary SP:S5COND and tech SP:S5INFT. Communication services advanced more than 3%. Materials SP:S5MATR, off nearly 2%, was the weakest group.
Magnificent Seven CBOE:MAGS stocks and chips NASDAQ:SOX jumped. The MAGS rose 3.1%, while the SOX surged 3.8%. With this, growth (.IGX) handily outperformed value SP:SVX on the day.
Meanwhile, the Dow DJ:DJI registered its 18th record close of the year. Other indexes scoring a record close on Monday were the S&P 500 Healthcare sector SP:S5HLTH, S&P 400 Midcaps (.MID), the small-cap Russell 2000 TVC:RUT, Nasdaq Biotech NASDAQ:NBI, the NYSE Composite TVC:NYA and the S&P 500 Equal Weighted Index (.SPXEW).
Here is a snapshot of where markets stood shortly after 4 p.m. ET.