On Monday Eastern Time, the three major indexes collectively rose and the Nasdaq once again set a new record for closing highs.

At the close, the Dow Jones Industrial Average rose 0.13% to 39,169.52 points; the S&P 500 Index rose 0.27% to 5,475.09 points; and the Nasdaq Index rose 0.83% to 17,879.30 points.

Monday marked the 21st time this year that the Nasdaq has set a new closing record. Some investors expect that this rally will continue because of the prospect of a Fed rate cut and the tendency of the stock market to produce positive returns in election years.

Daniel Siluk, Global Short-Term and Liquidity Head of Janus Henderson Investors, said:"Stocks tend to perform well in election years, because both parties are making promises to voters, which creates a sense of optimism. When the Fed's rate-cutting cycle begins, this may also lead to more adventurous behavior. "

However, Siluk also said that the market may stumble in the coming weeks as a new round of earnings season begins and softening of the job market and weakening consumer demand could weigh on corporate performance.

Popular stocks performance

Large-cap tech stocks rose across the board, with Apple up 2.91%, Microsoft up 2.19%, NVIDIA up 0.62%, Tesla up 6.05%, Google up 0.46%, Amazon up 2.04%, and Meta up 0.09%.

Most popular China concept stocks rose, with the NASDAQ Golden Dragon China Index up 0.79%, Alibaba up 0.25%, JD.com down 0.19%, PDD Holdings up 0.02%, NIO Inc up 6.73%, Xpeng up 5.18%, Li Auto Inc up 6.71%, Bilibili down 0.97%, Baidu down 0.31%, NetEase up 0.92%, Tencent Music up 2.06%, and iQIYI down 2.45%.

Company news

"France is said to be taking antitrust action against NVIDIA."

According to media reports citing sources, French regulators will take antitrust action against NVIDIA, making it the first law enforcement agency in the world to take antitrust action against the company.

As a result of this news, Nvidia's stock price fell nearly 4% on Monday, but later recovered all lost ground.

It is reported that the European Commission is informally gathering opinions to determine whether Nvidia has violated antitrust regulations, but has not yet launched a formal investigation. At the same time, the US Department of Justice is said to be leading the investigation into Nvidia.

"Tesla rose more than 6%."

Tesla rose more than 6% on Monday after announcing a new car financing policy in China. For the Model3/Y Standard Range models, 0% and low-interest rate discounted car purchase policies were launched, with a daily rate as low as RMB 85.

"Keith Gill, the leader of US retail investors, has been charged with securities fraud."

Keith Gill, nicknamed Roaring Kitty, has been charged with being involved in a pump-and-dump scheme related to GameStop Corp. stock. Gill gained fame for driving the meme stock frenzy in 2021 and posted about GameStop again on social media platform X in May. In a proposed class action lawsuit filed in federal court in Brooklyn, New York on Friday, GameStop shareholder Martin Radev claimed Gill attempted to manipulate the stock for his own benefit. The lawsuit claimed that before Gill began posting about GameStop in May, he bought 120,000 call options on the company's stock. Just before Gill's post, the stock had been hovering around $17, but on May 14 it shot up to $48.75.

"Merck and Orion announced that Opevesostat will be licensed exclusively to Merck."

Merck and Finnish pharmaceutical company Orion announced that they have jointly exercised an option to convert the ongoing CYP11A1 inhibitor opevesostat (MK-5684/ODM-208) and other candidate drugs targeting CYP11A1 to a global exclusive license for Merck's development and commercialization.

"Samsung Electronics Union announces a total strike."

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