Monday's trading session felt like everyone was waiting for something to happen. After tech stocks took their worst beating since April last week, Wall Street opened the new week without much conviction in either direction. The big indices basically shrugged, and you can't really blame them—there's a lot on the horizon worth being nervous about.
NVIDIA Corp. (NVDA) reports earnings Wednesday, which always feels like a referendum on the entire AI trade these days. Plus, with the government shutdown finally over, we're about to get hit with a wave of economic data that's been backed up like airport security after a system outage. Investors seem content to wait and see what all that reveals before making any big bets.
By midday in New York, the major large-cap indices were treading water. The small-cap Russell 2000 had a slightly rougher time, slipping 0.4%. Utilities led the sector gains—always a sign that people are feeling defensive—while energy stocks lagged behind.
Alphabet Hits Records on Berkshire's Stamp of Approval
The day's standout winner was Alphabet Inc. (GOOGL), which jumped nearly 5% to a fresh record high of $293. The catalyst? Warren Buffett's Berkshire Hathaway disclosed a brand new stake of 17.85 million shares worth roughly $4.93 billion as of September 30. When the Oracle of Omaha backs up the truck on your stock, the market tends to take notice. It's the kind of vote of confidence that sends shares soaring, and Monday was no exception.
On the flip side, Dell Technologies Inc. (DELL) had a day to forget, sliding more than 6% after Morgan Stanley slashed its price target from $140 down to $110. That's the kind of downgrade that stings, especially when you're watching your stock price follow it lower in real time.
Meanwhile, Netflix Inc. (NFLX) executed its 10-for-1 stock split on Monday, bringing the share price down to about $111. The move is designed to make the stock more accessible to retail investors who might have been priced out at higher levels. It's purely cosmetic from a valuation standpoint, but psychologically it can matter—people like buying whole shares instead of fractions, even if the math is identical.
Commodities and Crypto Tell Different Stories
Over in commodities land, gold edged 0.4% lower to $4,066 per ounce, while silver moved in the opposite direction, climbing 0.6% to $50.80. Oil prices held steady near $60 a barrel after rallying 2.8% on Friday, seemingly content to consolidate those gains.
The crypto markets, however, are still licking their wounds. Bitcoin (BTC) hovered around $94,000 after briefly dipping below $92,950 on Sunday—its lowest level in more than six months. That's a painful decline from last month's peak at $126,296, representing a drop of over 25%. The world's largest cryptocurrency seems to be struggling to find its footing, and Monday offered no signs of a major rebound brewing.
Ethereum (ETH) managed a slight recovery, gaining 1.4% to $3,130, but the overall crypto mood remains decidedly cautious after the recent selloff.
Monday's Performance in Major U.S. Indices and ETFs
Here's how the major benchmarks looked by 12:10 p.m. ET:
- S&P 500: 6,743.82 (up 0.1%)
- Dow Jones: 47,138.81 (flat)
- Nasdaq 100: 25,096.33 (down 0.2%)
- Russell 2000: 2,379.14 (down 0.4%)
The ETF world mirrored the underlying indices. The Vanguard S&P 500 ETF (VOO) flattened at $618.15, while the SPDR Dow Jones Industrial Average (DIA) inched 0.1% lower to $471.44. The tech-heavy Invesco QQQ Trust Series (QQQ) managed a 0.2% gain to $610.75, and the iShares Russell 2000 ETF (IWM) slipped 0.3% to $236.74.
On the sector front, the Utilities Select Sector SPDR Fund (XLU) outperformed with a 1.1% gain, while the Energy Select Sector SPDR Fund (XLE) lagged with a 0.6% decline.
S&P 500's Biggest Winners and Losers
Looking at individual movers within the S&P 500, Albemarle Corporation (ALB) led the gainers with a 7.83% surge. Tesla, Inc. (TSLA) jumped 4.69%, while Alphabet Inc. (GOOG) climbed 4.64%. Centene Corporation (CNC) advanced 4.43%, and Western Digital Corporation (WDC) rounded out the top five with a 3.66% gain.
On the losing end, Hewlett Packard Enterprise (HPE) took the biggest hit, dropping 6.68%. Dell Technologies Inc. (DELL) followed with its 6.51% decline on that Morgan Stanley downgrade. Coinbase Global, Inc. (COIN) fell 5.62%, likely feeling the pain from Bitcoin's continued weakness. Super Micro Computer, Inc. (SMCI) slid 4.35%, and Generac Holdings Inc. (GNRC) closed out the bottom five with a 4.32% loss.
The overall vibe? Markets are in wait-and-see mode. Nobody wants to make aggressive moves ahead of Nvidia's earnings report and the flood of economic data coming down the pike. Sometimes the smartest trade is no trade at all, and Monday felt like one of those days.
