Wall Street Rises as S&P 500 Hits New Record High
Intel surges 16.06%, while Meta’s 20-session winning streak comes to an end.
Wall Street’s three major indexes started the week with gains after an extended holiday weekend. Investors reacted to better-than-expected U.S. manufacturing data, pushing the S&P 500 to a new all-time high.
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The Dow Jones Industrial Average, composed of 30 blue-chip stocks, edged up 0.02% to 44,556.34 points. The S&P 500, tracking 500 large companies, gained 0.24% to 6,129.58 points, while the tech-heavy Nasdaq Composite rose 0.07% to 20,041.26.
Market Drivers
Earlier in the day, the Empire State Manufacturing Index, released by the Federal Reserve Bank of New York, climbed to 5.7 points, significantly beating analysts’ expectations of -1.0, according to a Reuters poll.
Big Movers
- Intel (+16.06%) soared after a weekend report suggested that Taiwan Semiconductor Manufacturing Co. (TSMC) and Broadcom were exploring deals that could potentially split the chipmaker into two separate entities.
- Meta Platforms (-2.76%), Facebook’s parent company, fell, snapping a 20-session winning streak.
- Within the Dow Jones index, UnitedHealth (-4.35%) led the decliners.
Fed Minutes in Focus
Investors are now awaiting the Federal Reserve’s January meeting minutes, set to be released on Wednesday. During that meeting, policymakers decided to hold interest rates steady, citing concerns over inflationary pressures and uncertainty surrounding Donald Trump’s trade policies.
Oil Market
In the commodities market, crude prices gained momentum on Tuesday after Ukraine attacked a pumping station in southern Russia and as doubts grew over OPEC+ plans to reintroduce barrels into the market.
Brent crude for April delivery rose 0.82% to $75.84 per barrel, while West Texas Intermediate (WTI) for March delivery climbed 1.57% to $71.85 per barrel.
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