NEW YORK - US stocks ended higher on Monday, with the Dow Jones Industrial Average achieving a fresh record close as investors positioned themselves for a pivotal week of delayed economic reporting and corporate financial updates.
The Dow Jones Industrial Average edged up 0.04 percent to a new all-time high of 50,135.87. The S&P 500 added 0.47 percent, to 6,964.82, and the Nasdaq Composite Index increased by 0.9 percent, to 23,238.67.
Market performance among the 11 primary S&P 500 sectors was largely constructive, with seven finishing in positive territory. Technology and materials led the advance, climbing 1.59 percent and 1.44 percent, respectively. In contrast, the consumer staples and healthcare sectors lagged, each declining 0.86 percent.
The technology sector remained a focal point of debate regarding the impact of artificial intelligence on traditional software business models. The shares of Monday.com Limited plummeted over 20 percent after the software provider issued revenue and profit guidance that failed to meet analyst expectations.
However, other major technology names continued their recovery from previous volatility with Nvidia and AMD gaining 2.5 percent and 3.63 percent, respectively. Meanwhile, Oracle surged nearly 10 percent and Microsoft rose over 3 percent.
Despite the strength in large-cap technology, analysts at JPMorgan suggested that the broader market rally could begin to shift away from the "Magnificent Seven" group.
"In the US, the broadening macro recovery creates room for the equal-weighted S&P 500 to outperform the Mag7," Fabio Bassi, head of cross-asset strategy at JPMorgan, said Friday in a note.
Economic anticipation is high as the US Bureau of Labor Statistics prepares to release the delayed January non-farm payrolls report on Wednesday. Market participants are seeking clarity on whether the labor market is experiencing significant softening following last week's disappointing private-sector payroll update from ADP.
In corporate news, ON Semiconductor is slated to release its results after the market close on Monday. The earnings calendar remains heavy throughout the week, with high-profile reports expected from Coca-Cola, McDonald's, and Cisco, which will provide further insight into consumer spending and corporate investment trends.
