US Stock Markets Today: S&P 500 Opens At Record High, Tech Stocks Push Nasdaq

S&P 500 and Nasdaq Composite opened higher on Monday, sustaining the momentum built last week in the backdrop of better-than-expected results logged by some of the financial sector majors.

The broader index gained 14.8 points, or 0.25%, to open at a record high of 5,829.81, whereas the tech-heavy Nasdaq Composite advanced 0.46% to open at 18,426.66.

The 30-stock Dow Jones Industrial Average shed 0.15% to open at 42,800.89.

In the first hour of trading, eight out of the 11 sectoral indices of the S&P 500 were trading in the green. The gains were led by IT and utilities, whereas energy, industrials and materials declined.

Among major companies, tech stocks were shining in early trade, with Nvidia Corp. rising 3.46% to $139.47 per share on the Nasdaq Composite. Its sectoral peers, Apple and Microsoft, logged gains of 1.3% and 1.5%, respectively, in the first hour of trading.

The Bloomberg Dollar Index was up 0.33% at $103.23 at the end of the first hour of trading. Bitcoin, the largest traded cryptocurrency, rose sharply as the trading progressed, as it climbed by 5.17% to $66,039.3.

The Bitcoin rally led to a jump in cryptocurrency stocks such as Coinbase, MicroStrategy and Mara Holdings.

Spot gold prices edged lower, with the metal opening 0.2% lower at $2,607.82 an ounce.

On Friday, the main Wall Street indices had settled higher, with S&P 500 rising 0.6%, Dow Jones climbing 1%, and Nasdaq Composite rising 0.3%.

For the entire week ended Oct. 11, S&P 500 and Nasdaq Composite recorded gains of 1.1%, and Dow Jones advanced by 1.2%. The sentiment of the US market was lifted by the stronger-than-expected results posted by companies such as JPMorgan Chase, Wells Fargo and others.