S&P 500 and Nasdaq Jump to New Records; Dow Finishes Lower - TheStreet

Stocks traded mixed on Monday, Jan. 8, but the S&P 500 and Nasdaq finished higher at new records as investors looked to extend the recent global market rally following the best start to a new year in more than a decade.

The S&P 500 climbed 0.17%. Led by the tech sector, the Nasdaq traded up 0.29% after tumbling earlier. The Dow declined by 0.05%.

U.S. stocks last week had their best first week of a new trading year since 1999.

Caterpillar Inc. (CAT) was the biggest gainer on the index, rising 2.5%. Laggards included Walt Disney Co. (DIS)  , down 1.5%, and General Electric Co. (GE)  , which lost 1.4%. 

Nvidia Corp. (NVDA)  rose 3% after the chipmaker added Volkswagen AG (VLKAY) and Uber Technologies Inc. to its growing list of carmaking partnerships keen on using its artificial intelligence technology.

Celgene Corp. (CELG)   fell nearly 1% after signing a definitive agreement to acquire Impact Biomedicines for as much as $7 billion.

Kohl's Corp. (KSS) shares rallied almost 5% on Monday after the bricks-and-mortar retailer boosted its full-year earnings forecast following much stronger-than-expected holiday sales.

GoPro Inc. (GPRO)  said it expects fourth-quarter revenue of $340 million, way below analysts' estimates of $472 million, and said it would slash its workforce by 20% to cut costs and exit the drone market. The stock fell 12% on Monday after falling more than 20% earlier in the session.

Caterpillar Inc. shares rose after a solid upgrade for the construction equipment maker from JPMorgan Chase & Co. (JPM) following last year's passage of the U.S. tax bill.

Pfizer Inc. (PFE) fell 1.1% after it announced it was abandoning research to find new drugs aimed at treating Alzheimer's and Parkinson's disease.

The U.S. corporate earnings season will kick off this week with analysts expecting a 10% boost in company's bottom lines over the three months ended in December, with near-term forecasts potentially boosted by the Trump administration's $1.5 trillion tax reform passage.

JPMorgan Chase & Co., PNC Financial Services Group Inc. (PNC) and Well Fargo & Co. (WFC) are scheduled to report earnings on Friday, Jan. 12.

In Europe, the Stoxx 600 index rose 0.27% while equities in Asia finished the session to the upside.

Deutsche Bank AG (DB)  fell 1.4% following the bank's late-Friday warning that it will post its third consecutive full-year loss, heaping further pressure on CEO John Cryan..

Global oil markets edged higher as investors continued to re-price commodities in advance of solid growth in energy-hungry economies such as China and Germany as well as a modest decline in the number of U.S. drilling installations reported last week by Houston-based oil services provider Baker Hughes. West Texas Intermediate crude oil, the U.S. benchmark, rose 0.13% to $61.52 a barrel.

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