NEW YORK (AP) โ U.S. stocks are climbing to new records in a quiet Monday session ahead of what could be a quiet, holiday-shortened week.
The S&P 500 rose 0.6% in afternoon trading and was on track to close above its all-time high set on Thursday. The Dow Jones Industrial Average was up 108 points, or 0.3%, as of 12:52 p.m. ET. The Nasdaq composite added 0.7% to its own record.
Autodesk jumped 6.5% for one of the market's biggest gains after an investment firm said it will try to delay the software company's annual meeting so it can nominate new directors to the board. Starboard Value also outlined how it says Autodesk hasn't performed as well financially as it should. In response, Autodesk said it will review Starboard's suggestions but added that it has "a clear strategy that is working."
Chip company Broadcom rose 4.6% to add to last week's gains after it reported better-than-expected earnings and said it would undergo a 10-for-one stock split to make its price more affordable. continued NVIDIAthe company that has become the poster child for the Wall Street frenzy around artificial intelligence technology and which has just executed a similar division.
Broadcom was one of the strongest forces driving the S&P 500 higher, along with a 2.2% rise for Apple and a 3.9% jump for Tesla.
They were helping to offset weakness caused by rising Treasury yields in the bond market. Rising yields erased some of the slack created last week when yields came in better than expected. reports in inflation raised hopes that the Federal Reserve cut interest rates later this year.
There will be few top-line economic reports for the United States next week, other than Tuesday's update on how much customers are spending at American retailers and Friday's preliminary analysis on the state of U.S. business activity. The markets will also be closed on Wednesday for the June 16 holiday.
A report on Monday said manufacturing in New York state is still contracting, although not as much as economists expected. Manufacturing has been one of the areas hardest hit by the Federal Reserve's zeal to keep its key interest rate at the highest level in more than two decades.
The Federal Reserve is trying to keep rates high long enough to slow the economy and end high inflation, but it wants to cut rates and reverse momentum before the slowdown can turn into a painful recession.
High Interest rates They harm all types of investments and tend to especially affect some areas. Real estate stocks, for example, can struggle when high rates make conditions tougher for the industry and attract income-seeking investors away from them and toward bonds.
S&P 500 real estate investment trusts fell 0.8%, the worst loss among the 11 sectors that make up the index. It was closely followed by a 0.4% drop for utilities, whose relatively large dividends also tend to generate less interest from buyers when bonds pay more interest.
In the bond market, the 10-year Treasury yield rose to 4.28% from 4.22% late Friday. The two-year Treasury yield, which more closely tracks the Federal Reserve's expectations, rose less. It rose to 4.75% from 4.71%.
On foreign stock markets, European indices calmed slightly after last week's defeat. France's CAC 40 rose 0.9% after falling last week to its worst week in two years on concerns that possible losses by the president's centrist party could lead to much higher debt for the country.
Europe's modest gains followed losses in Asia. Japan's Nikkei 225 fell 1.8%.
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AP Business Writer Elaine Kurtenbach contributed.
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