The Nasdaq Composite rose on Monday, powered by gains in Nvidia and other tech companies. Meanwhile, the Dow Jones Industrial Average lagged the broader market as JPMorgan Chase led losses.

The tech-heavy Nasdaq gained 0.65% to reach an all-time intraday high and close at a record level at 16,794.87. The S&P 500 inched up 0.09% to 5,308.13. The 30-stock Dow fell 196.82 points, or 0.49%, to 39,806.77.

Shares of JPMorgan declined 4.5% as CEO Jamie Dimon signaled during the bank's annual investment meeting that his retirement may be sooner than previously stated. Dimon also said the bank would not repurchase shares at their current levels. The stock is up about 15% year to date.

Artificial intelligence names are due to steal the spotlight this week. Investors will be keeping a close eye on Nvidia's fiscal first-quarter results due Wednesday afternoon to gauge the strength of the AI-led rally.

Nvidia shares on Monday gained more than 2% on multiple bullish analyst calls that highlighted the company's preeminent market position. Several Wall Street firms also increased their price target on the chipmaker ahead of its earnings report, suggesting shares could gain as much as 30% from their current levels.

The stock is up 91.4% in 2024 alone and is 203.2% higher over the past 12 months.

Nvidia's market cap is now the third-largest in the S&P 500 at $2.3 trillion. Options traders are also pricing in an approximate move of 8% on earnings for the chipmaker.

Stocks are coming off a strong week, with the S&P 500 posting a four-week winning streak as it notched record highs. The Dow also rose for a fifth straight week.

The market rally has more room for growth from its all-time highs, according to UBS strategist Vincent Heaney.

"While a range of economic and geopolitical risks remain, we think solid economic and earnings growth, the prospect of lower interest rates, and rising investment in AI should create a supportive backdrop for equities for the rest of this year," Heaney wrote in a Monday note.

S&P 500, Nasdaq close higher Monday

The S&P 500 and Nasdaq Composite ended Monday's trading session in the green.

The tech-heavy Nasdaq rose 0.65% to close at a new record. The S&P 500 added 0.09%. Meanwhile, the Dow Jones Industrial Average fell 196.82 points, or 0.49%.

— Hakyung Kim

BlackRock Investment Institute turns bullish on emerging market stocks

The gap between the stock markets of developed countries and emerging ones has gotten too wide to ignore, according to the BlackRock Investment Institute.

"The difference in equity risk premia — a gauge of the excess yield investors receive for the risk of holding stocks over cash — between EM and DM equities has grown to its widest level in nearly four years, reflecting cheaper relative EM valuations," a note from institute head Jean Boivin said Monday.

The note highlighted Mexico, India and Saudi Arabia as emerging markets that are particularly attractive.

For investors looking to stay in more proven economies, the note is positive on developed market debt.

"We go overweight EM stocks and DM government bonds for the first time in four and five years, respectively," the note said.

— Jesse Pound

Commodities still a risk to market, Raymond James says

Commodities are still the biggest threat to the U.S. stock market, according to Raymond James managing director Tavis McCourt.

"Commodity prices remain the biggest 'risk to the bull' in the U.S. this year," McCourt told clients in a Sunday note.

He noted that disinflation will be tough if commodity prices continue to rally. McCourt also said further price increases can push global portfolio managers to shift back to emerging markets and commodity-focused indexes after pouring money into the U.S. market.

— Alex Harring

56 stocks in the S&P 500 hit new 52-week highs

The S&P 500 was up roughly 0.2% early afternoon on Monday.

During the session, 56 stocks in the broad market index hit new 52-week highs. These included:

• Alphabet C share
• Alphabet A share
• Kinder Morgan
• American Express
• Goldman Sachs
• JPMorgan
• Danaher
• General Dynamics
• L3Harris Technologies
• 3M
• Analog Devices
• Applied Materials
• Micron
• Qualcomm

On the other hand, Lululemon and Molson Coors traded at new 52-week lows.

— Lisa Kailai Han, Christopher Hayes

JPMorgan drags on bank ETF

JPMorgan's drop on the back of comments from CEO Jamie Dimon weighed on the SPDR S&P Bank ETF (KBE).

The finance giant's stock tumbled nearly 3% following Dimon's statements on retirement and buybacks during investor day. That made it the worst performer in the bank fund, which slipped around 0.3% in afternoon trading.

Corebridge and MGIC were the next-biggest losers in the exchange-traded fund, with each sliding more than 2%. On the other hand, Independent Bank helped pare losses with a rally of more than 8%.

— Alex Harring

Jamie Dimon indicates his retirement is coming

JPMorgan Chase CEO Jamie Dimon indicated Monday that the day is getting closer when he still step down from running the nation's largest bank.

"The timetable isn't five years anymore," the 68-year-old chief executive said during the bank's annual investor day. The comments, reported by The Wall Street Journal, are a bit of a switch from the way he generally brushes off questions about his future.

There are multiple potential successors, with the next CEO expected to come from within. JPMorgan shares were off 2.5% in afternoon trading.

— Jeff Cox

Target shares fall after big-box retailer cuts prices on 5,000 items

Target shares slid 2.2% after the big-box retailer said it will cut prices on roughly 5,000 frequently bought items, in an effort to lure the cost-conscious consumer.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Rick Gomez, Target's executive vice president and chief food, essentials and beauty officer, said in a statement.

The move comes ahead of Target's latest quarterly report, due out Wednesday. The retail stock is higher by more than 9% this year, but has tumbled more than 11% this quarter.

— Sarah Min

Stocks making the biggest moves midday

Check out the companies making headlines in midday trading:

• Hims & Hers Health — Shares surged more than 30% after the telehealth company introduced access to compounded GLP-1 injections, expanding on the weight loss program it launched in December.
• Wix.com — The web development company jumped more than 25% after it posted better-than-expected first-quarter results. It also raised its full-year guidance on free cash flow.
• Norwegian Cruise Line — The cruise line operator jumped more than 8% after Norwegian Cruise Line lifted its full-year earnings guidance. It also reported better-than-expected first-quarter results.

Read the full list here.

— Sarah Min

Tech leads sector gains

Information technology rose 1.3% Monday, outperforming the S&P 500 and other sectors.

Nvidia shares climbed more than 2%, powering the sector higher. Other chipmakers such as Applied Materials, KLA Corporation and Micron Technology also advanced more than 3%.

Industrials, communication services and materials were the other positive sectors midday Monday.

— Hakyung Kim

Precious and base metals prices from gold to copper surge to records

Maybe the economy is OK or maybe inflation is not.

But whatever the reason, a host of precious metals and base metals climbed to fresh records on Monday, pushing June gold futures to an all-time high of $2,454.20 an ounce, July copper futures on the Chicago Mercantile Exchange to a new peak of $5.199 a pound and London Metal Exchange copper to a record $11,104.50 per metric tonne (2204.62 pounds).

Copper is often referred to as Doctor Copper due to its status as a leading indicator of the health of the economy due to its use in so many industrial products.

Silver reached its highest price in more than 11 years on Monday, touching $32.75 an ounce, a level last reached in December 2012.

— Scott Schnipper, Gina Francolla

Novogratz sees bitcoin take out $73,000 high before year-end

Galaxy Digital CEO Michael Novogratz said Monday that bitcoin would hit a new high before the year-end and even reach the $100,000 threshold in the near future.

"I do think we'll take out the 73,000 high before the end of this year and probably finish $100,000. Somewhere in that zone," Novogratz said at the SALT iConnections conference in New York City.

Bitcoin hit an all-time high above $73,000 in March, driven in part by the successful introduction of spot bitcoin exchange-traded funds in the U.S. The flagship cryptocurrency traded at $66,889 on Monday.

Novogratz said the core investors in bitcoin are long-term holders who do not sell during bouts of volatility.

— Yun Li

Aerospace and defense ETF hits all-time high

The iShares U.S. Aerospace & Defense ETF rose 0.5% on Monday to notch a fresh intraday all-time high dating back to its inception in 2006.

Leonardo DRS, Boeing, Spirit AeroSystems and Triumph Group led the fund's gains, jumping about 2% each. Howmet Aerospace, TransDigm and BWX Technologies added about 1%.

The fund is up 7.5% since the start of the year.

— Samantha Subin, Gina Francolla

Hims & Hers shares surge nearly 30%

Telehealth company Hims & Hers rallied 29.6% Monday after the company introduced access to compounded GLP-1 weight loss injections. The GLP-1 medications are expanding upon the company's weight loss program launched in December.

During Hims & Hers' fourth-quarter earnings report prior to the GLP-1 addition, the company guided its weight loss program to net more than $100 million in revenue by the end of 2025.

— Hakyung Kim, Ashley Capoot, Brandon Gomez

Interest rate cuts are 'still a way off,' Bank of America says

Despite encouraging inflation data in April, investors still clinging to hopes for a robust series of interest rate cuts in 2024 could be mistaken, according to Bank of America.

"With markets now pricing close to 50bp of cuts this year, they are likely to get disappointed," BofA global economist Claudio Irigoyen wrote Monday.

"1Q inflation was too high, and a single print should not deliver much comfort, especially if it annualizes to a rate much higher than consistent with the Fed's target," Irigoyen added. "Furthermore, the economy is still solid, including services spending, the labor market remains tight, supply tailwinds could fade, and elections are approaching."

— Brian Evans

Fed's Jefferson says inflation has fallen 'nowhere near as quickly' as he'd like

Federal Reserve Vice Chair Philip Jefferson on Monday emphasized that inflation is not cooling quickly enough to warrant interest rate reductions.

While he said the pace of price increases has "eased dramatically" from its mid-2022 peak, Jefferson added that he supported the recent Federal Open Market Committee decision to hold rates steady.

"I believe that our policy rate is in restrictive territory as we continue to see the labor market come into better balance, and inflation decline although nowhere near as quickly as I would have liked," Jefferson said in prepared remarks for a speech in New York.

Of particular note, Jefferson said Fed economists have calculated that core inflation, as measured by the central bank's preferred personal consumption expenditures price index, rose at a 4.1% annual pace in the first four months of 2024, above the 2% target.

— Jeff Cox

Natural gas reaches highest level since late January

Natural gas hit a level not seen since early this year.

The commodity hit a high of 2.702 on Monday, on pace for its fourth straight positive session. That high marked its most expensive going back to Jan. 29, when natural gas touched 2.76.

Several natural gas stocks including Crescent Energy and Woodside Energy advanced in Monday morning trading.

— Alex Harring, Gina Francolla

Stocks open flat Monday

U.S. stocks began Monday's trading session near the flatline.

The Dow Jones Industrial Average ticked down just 7 points, or 0.02%.

The S&P 500 and Nasdaq Composite inched up 0.06% and 0.12%, respectively.

— Hakyung Kim

Investor sentiment has swung 'like a pendulum' from fall pullback, says RBC's Calvasina

RBC Capital Markets is wary of the "sudden" rebound in investor sentiment after the major averages reached new highs last week.

Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, pointed out that although yields have been sticky, the S&P 500 has diverged from its pullback in the fall, likely driven by renewed optimism that the market could get Fed rate cuts in the second half of this year, due to Fed comments, softer labor data and evidence of consumer pushback on high prices.

"We have been struck by the speed and distance with which Fed expectations have swung like yet another pendulum over the past few months," Calvasina said in a note Monday.

"The certainty with which some equity investors spoke to us this past week about why they think the Fed will cut a few times this year was the polar opposite of comments we heard in February and March where investors expressed certainty that the Fed would not be able to cut this year because the economy was too strong and inflation too sticky," she added.

— Tanaya Macheel

Stocks making the biggest moves before the bell

Here are some stocks on the move before the bell:

• Apple — Apple shares slipped less than 1% after Reuters reported the technology giant is implementing aggressive discounts on its iPhones in China.
• Micron Technology — Shares moved 2.3% higher after Morgan Stanley upgraded the semiconductor company to equal weight from underweight.
• Nvidia — The chipmaking stock added 1.4% as it readies for its closely watched quarterly print later this week. A handful of firms lifted their price targets on Nvidia, including Barclays and Stifel.

Read the full list here.

— Samantha Subin

Johnson Controls rises on report of Elliott Management stake

Shares of Johnson Controls rose 5% after Bloomberg News reported Elliott Management has built a more than $1 billion stake in the security and safety company. Year to date, the stock has climbed 19%.

— Fred Imbert

Rising debt and deficits raising worry among investors and policymakers

Federal U.S. debt has swelled to $34.5 trillion, up about $11 trillion from March 2020, raising concern in Washington and Wall Street.

"We're running big structural deficits, and we're going to have to deal with this sooner or later, and sooner is a lot more attractive than later," Federal Reserve Chair Jerome Powell said in remarks Tuesday to an audience of bankers in Amsterdam.

JPMorgan Chase CEO Jamie Dimon also chimed in on the subject last week, noting, "America should be quite aware that we have got to focus on our fiscal deficit issues a little bit more, and that is important for the world."

— Jeff Cox

Europe stocks open mixed

European stocks had a cautious start Monday, with the regional Stoxx 600 index opening near the flatline before climbing 0.07% by 8:40 a.m. in London.

Germany's DAX, the U.K.' s FTSE 100 and France's CAC 40 were all roughly 0.25% higher.

— Jenni Reid

Taiwan’s new president takes office, calls on China to cease political and military intimidation

Taiwan's new president, Lai Ching-te, was sworn in on Monday, taking over from his predecessor Tsai Ing-wen after securing a victory in January's election that ushered in an unprecedented third presidential term for the Democratic Progressive Party.

His vice president, 52-year-old Hsiao Bi-khim, a former de facto Taiwan ambassador to the U.S., was also sworn in.

During his inauguration speech, Lai called on China to cease its political and military intimidation against Taiwan, adding that he hoped China would "face the reality of the Republic of China's existence" and respect the choices of the people of Taiwan.

He also said, "Let us together pursue peace and mutual prosperity," and called on China to choose "dialogue over confrontation, exchange over containment.

— Lim Hui Jie, Sumathi Bala

China property stocks drop after Friday's rally

Shares of Chinese property developers in Hong Kong fell on Monday after wrapping up last week on a high note.

China's central bank held its five-year loan prime rate steady at 3.95% on Monday. It acts as a key reference for property mortgages.

This comes after the world's second-largest economy rolled out measures to boost its property market, including cutting down payments and removing the floor on minimum mortgage interest rates, sending real estate stocks soaring on Friday.

Logan Group and Cifi Holdings led declines on Monday, down 6.02% and 5.56%, respectively. Longfor Group was down 4.82%, while China Vanke slid about 2%. The Hang Seng Mainland Properties Index inched 1.68% lower.

— Lim Hui Jie

China leaves loan prime rates unchanged

China's central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively.

The one-year LPR is seen as the peg for most household and corporate loans, while the five-year rate is the benchmark for most property mortgages.

The decision was in line with a Reuters poll that expected both rates to stay unchanged.

China on Friday announced measures to boost its debt-laden property market. 

— Shreyashi Sanyal

Earnings to watch for this upcoming week

Here are some earnings reports to watch out for this upcoming week:

• Monday: Palo Alto Networks
• Tuesday: AutoZone, Lowe's, Macy's
• Wednesday: Nvidia, TJX Companies, Analog Devices, Target
• Thursday: Intuit, Ralph Lauren, Workday
• Friday: Booz Allen Hamilton

— Lisa Kailai Han, Robert Hum

Where the major indexes stand

Here is where the major averages stand on the month ahead of Monday's trading:

• The S&P 500 is up 5.31%
• The Dow Jones Industrial Average is up 5.79%
• The Nasdaq Composite is up 6.57%
• The Russell 2000 is up 6.17%

— Lisa Kailai Han

Stock futures open little changed

Stock futures traded near flat Sunday night.

Dow futures edged less than 0.1% higher shortly after 6 p.m. ET, while S&P 500 futures and Nasdaq 100 futures were also fractionally up.

— Lisa Kailai Han