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Major market averages remain afloat on Monday, after setting new records on Friday, as AI trading continues to support investor sentiment.
At the beginning and the Dow (DJI) was nearly flat, the S&P 500 Index (SP500) era -0.1%and the Nasdaq Composite (COMP.IND) era +0.1%.
As for the AI landscape, “The index is now 42% above its 200 DMA, which is the second highest value in the last two decades, with the high reached last June,” BTIG said.
Looking at the Treasury bond market, yields pushed higher with the shorter-end 2-year US Treasury yield (US2Y) advancing 2 basis points to 4.71%. At the same time, the yield on the long-term 10-year US Treasury bond (US10Y) rose 3 basis points to 4.28%.
Find out here how other yields trade across the entire yield curve.
Economic calendar data showed the Dallas Fed’s Manufacturing Survey narrowed the deficit in February. The Dallas Fed manufacturing index for February came in at -11.3 compared to -27.4 in January.
Investors also shift their attention later this week, when Wall Street will receive global manufacturing PMI data, as well as PCE and US GDP data.
Bitcoin (BTC-USD) received a slight boost on Monday as the cryptocurrency traded higher 2.5% as MicroStrategy (MSTR) disclosed in an SEC filing that it acquired approximately 3,000 bitcoins for approximately $155.4 million in cash between February 15 and February 25.
As for some names on the move, investors can look towards Li Auto (LI) following a solid earnings report that showed total deliveries for the fourth quarter of 2023 were 131,805 vehicles, an increase of 184.6 % every year.
See some of Wall Street’s other biggest moves of the day here.