- US stocks traded mostly higher on Monday, with shares of Nvidia leading the way.
- Nvidia stock surged about 3% ahead of its first-quarter earnings results on Monday.
- JPMorgan weighed down the Dow after CEO Jamie Dimon said now is not the time to buyback stock.
Major US stock indexes were mostly higher on Monday, with Nvidia stock leading the way with a gain of nearly 3% ahead of its hotly anticipated first-quarter earnings report on Wednesday.
Investors expect the company to report quarterly sales of nearly $25 billion, which is about four times the $6.5 billion in revenue it did in the year-ago quarter.
Nvidia's sharp rise helped the Nasdaq 100 outperform the other major indices on Monday, while JPMorgan stock dropped 4%, weighing on the Dow Jones Industrial Average.
JPMorgan CEO Jamie Dimon struck a cautious tone on the economy on Monday, highlighting that today's geopolitical tensions represent risks not seen since World War II. Dimon also said it's unlikely he'll remain CEO of the bank five years from now, and said the stock is too expensive to buyback.
"We're not going to buy back a lot of stock at these prices," Dimon said. "Buying back stock as a financial company greatly in excess of 2x tangible book is a mistake."
Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:
- S&P 500: 5,308.19, up 0.09%
- Dow Jones Industrial Average: 39,807.69, down 0.49% (-195.90 points)
- Nasdaq composite: 16,794.88, up 0.65%
Here's what else happened today:
- Veteran tech analyst Gene Munster said he expects an AI boom in the stock market that will lead to a bubble within the next five years.
- The threat of a recession appears real as 19 states see a rise in their unemployment rate.
- The global stock market rally has even helped boost China's fledging equity market. Analysts think there's more room to run.
- Morgan Stanley's CIO and long-time bear Mike Wilson threw in the towel and turned bullish on the stock market, boosting his S&P 500 price target 20% to 5,400.
- Gold prices hit another record high on Monday, suggesting that interest rate cuts from the Federal Reserve are imminent.
- Janet Yellen said G7 leaders are looking at plans to offer Ukraine a $50 billion loan using frozen Russian funds.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped 0.38% to $79.28 a barrel. Brent crude, the international benchmark, fell 0.29% to $83.74 a barrel.
- Gold edged higher by 0.66% to $2,433.40 per ounce.
- The 10-year Treasury yield rose 2 basis points to 4.44%.
- Bitcoin surged 5.45% to $69,883.
