A technology rally drove U.S stocks to fresh records at the start of a busy week for corporate earnings, economic data and Federal Reserve speakers. Treasuries climbed.
Gains in tech outweighed losses in energy and financial companies in the S&P 500 Index. The Nasdaq-100 and the Dow Jones Industrial Average also closed at all-time highs. Citigroup Inc., the first giant U.S. bank to report results, was little changed. After last week’s surge, Treasury 10-year yields dropped as investors bought bonds at cheaper prices. Oil fell below $60 a barrel.
Traders will sift through speeches by Fed officials after Chairman Jerome Powell left it all but certain that the central bank will reduce rates for the first time in a decade. As the July 30-31 meeting nears, the debate now is how deep they will cut and what will they do afterward. Key data points such as U.S. retail sales may provide more clarity as the earnings season gets under way.