Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.6%), and Russell 2000 (+0.1%) closed with gains. The day started out slow, but buying picked up steam after Treasury yields moved lower. The 10-yr yield approached 4.50% overnight, but settled one basis point lower than Friday at 4.41%.

The upside bias was also fueled by buy-the-dip interest following last week's consolidation, which saw the major indices give back some of their post-election gains. Strength in mega-cap stocks and semiconductor-related names contributed to overall index gains. However, NVIDIA (NVDA 140.15, -1.83, -1.3%) was among the outliers, trading lower after reports from The Information suggested customers are concerned about overheating issues with its AI chips. The company is set to report earnings after Wednesday’s close.

Meanwhile, Tesla (TSLA 338.74, +18.02, +5.6%) was up sharply, extending its post-election rally on news from Bloomberg that the Trump administration may ease regulations on self-driving cars. The stock has surged 37.8% since November 5, helping lift the S&P 500 consumer discretionary sector by 0.9%.

The energy sector (+1.0%) was the best performer, driven by rising commodity prices. WTI crude oil futures settled 3.2% higher at $69.18/bbl, while natural gas futures settled 5.3% higher at $2.97 per mmbtu.

Nine out of the 11 sectors closed higher than Friday’s close, indicating broad-based buying interest. The health care sector settled little changed from Friday, weighed down by Eli Lilly (LLY 727.20, -19.00, -2.6%) after reports that some Republican Senators are reportedly open to Robert F. Kennedy Jr.'s nomination for Secretary of Health and Human Services.

Today's economic data included the November NAHB Housing Market Index, which rose to 46 in November (Briefing.com consensus 43) from 43 in October. 

Looking ahead to Tuesday, the October Housing Starts and Building Permits report will be released at 8:30 ET. 

• Nasdaq Composite: +25.2%
• S&P 500: +23.6%
• S&P Midcap 400: +15.5%
• Dow Jones Industrial Average: +15.1%
• Russell 2000: +13.8%