Stocks traded mixed on Monday, Jan. 8, but the S&P 500 and Nasdaq finished higher at new records as investors looked to extend the recent global market rally following the best start to a new year in more than a decade.
The S&P 500 climbed 0.17%. Led by the tech sector, the Nasdaq traded up 0.29% after tumbling earlier. The Dow declined by 0.05%.
U.S. stocks last week had their best first week of a new trading year since 1999.
Caterpillar Inc. (CAT - Get Report) was the biggest gainer on the index, rising 2.5%. Laggards included Walt Disney Co. (DIS - Get Report) , down 1.5%, and General Electric Co. (GE - Get Report) , which lost 1.4%.
Nvidia Corp. (NVDA - Get Report) rose 3% after the chipmaker added Volkswagen AG (VLKAY) and Uber Technologies Inc. to its growing list of carmaking partnerships keen on using its artificial intelligence technology.
GoPro Inc. (GPRO - Get Report) said it expects fourth-quarter revenue of $340 million, way below analysts' estimates of $472 million, and said it would slash its workforce by 20% to cut costs and exit the drone market. The stock fell 12% on Monday after falling more than 20% earlier in the session.
The U.S. corporate earnings season will kick off this week with analysts expecting a 10% boost in company's bottom lines over the three months ended in December, with near-term forecasts potentially boosted by the Trump administration's $1.5 trillion tax reform passage.
In Europe, the Stoxx 600 index rose 0.27% while equities in Asia finished the session to the upside.
Global oil markets edged higher as investors continued to re-price commodities in advance of solid growth in energy-hungry economies such as China and Germany as well as a modest decline in the number of U.S. drilling installations reported last week by Houston-based oil services provider Baker Hughes. West Texas Intermediate crude oil, the U.S. benchmark, rose 0.13% to $61.52 a barrel.
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