US stock market today: S&P 500, Dow Jones, Nasdaq climb, Magnificent Seven tech stocks soar; Check top gaining shares

The US Stock Market's main indexes—the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite—all ended higher on Monday, aided by gains by many of the so-called Magnificent Seven tech stocks on Wall Street.

The S&P 500 gained 43.22 points, or 0.73 per cent, to 5,974.07 points, and the Nasdaq Composite rose 192.29 points, or 0.98 per cent, to 19,764.89. The Dow Jones Industrial Average climbed 66.69 points, or 0.16 per cent, to 42,906.95.

With megacap stocks having outsized influence on markets, their performance during a week in which many investors take time off will be even more pronounced. Volumes on U.S. exchanges were 12.76 billion shares, down from the 14.89 billion shares average from the previous 20 trading days.


Meta Platforms, Nvidia and Tesla all closed between 2.3 per cent and 3.7 per cent higher, with Apple, Amazon.com, and Google parent Alphabet also in positive territory. The gains helped propel the Nasdaq Composite and the Dow Jones Industrial Average to their third straight increases, and a second advance in three sessions for the S&P 500.

Northlight's Zaccarelli said he believed conditions were right for such a rally, as this year's gains would likely mean investors would hold on to positions as opposed to selling and booking losses which they can use for tax purposes.

Qualcomm's shares rose 3.5 per cent after a jury found its central processors are properly licensed under an agreement with UK-based Arm Holdings. Shares of Arm, which has vowed to seek a fresh trial, fell 4 per cent.

Walmart dropped 2 per cent after the U.S. consumer finance watchdog accused the retail giant and workforce payments company Branch Messenger of forcing more than a million delivery drivers into using accounts that cost them more than $10 million in junk fees.

Eli Lilly gained 3.7 per cent after the U.S. Food and Drug Administration approved the drugmaker's weight-loss treatment, Zepbound, for obstructive sleep apnea. Shares of sleep apnea device makers ResMed and Inspire Medical fell 2.6 per cent and 0.1 per cent respectively.

Nordstrom's shares declined 1.5 per cent after the department store chain's founding family and Mexican retailer El Puerto de Liverpool agreed to take the company private.

FAQs

Q1. What are US Stock Market's main indexes?
A1. The US Stock Market's main indexes are S&P 500, Dow Jones Industrial Average, and Nasdaq Composite.

Q2. What is 'Santa Claus Rally'?
A2. Markets are also entering a historically strong period for U.S. stocks. Since 1969, the last five trading days of the year, combined with the first two of the following year, have yielded an average S&P 500 gain of 1.3% - a period known as the "Santa Claus Rally", according to the Stock Trader's Almanac.