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The S&P 500 set another record high on Monday as the market continued to rise in the final days of August.
The Dow Jones Industrials backed off 16.97 points to commence the week at 35,438.83.
The S&P 500 gained 20.47 points to 4,529.84, hitting a new record.
The NASDAQ Composite popped 128.18 points, to 15,257.68, also at a new all-time peak.
Key technology shares were higher in early trading. Chipmakers AMD and Nvidia moved higher by more than 1% each, while Microsoft also rose 0.8%.
Shares of Affirm Holdings surged more than 40% in early trading after the buy now, pay later company announced a partnership with Amazon on Friday. Amazon’s stock rose about 1%.
Financial stocks weighed on the broader market, with Capital One shedding 3.7% and Wells Fargo losing 2%.
Zoom Video is set to report earnings after the bell on Monday.
Monday and Tuesday mark the last two trading days of August. Thus far, the S&P 500 is up 2.6% in August. The Dow has gathered 1.5% this month and the NASDAQ has risen 3.1%.
The S&P 500 and the NASDAQ closed at all-time highs on Friday as investors breathed a sigh of relief after Federal Reserve Chair Jerome Powell signaled bond tapering could start this year, but the central bank is in no rush to hike interest rates.
Powell said inflation is solidly around the central bank’s 2% target rate, one of the goals of the Fed’s dual mandate; however, the Fed chairman also explained why he continues to think the current inflation rise is transitory and will eventually drop to the target level.
Based on statements from other Fed officials, a tapering announcement could come as soon as the Fed’s Sept. 21-22 meeting. Powell said the central bank has “much ground to cover” to reach its other goal of maximum employment.
Stocks could stay largely range-bound until the release of August’s jobs report on Friday. Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%.
Prices for 10-Year Treasurys were unchanged, keeping yields at Friday’s 1.30%.
Oil prices regained seven cents to $68.81 U.S. a barrel.
Gold prices staggered $4.90 to $1,816.90 U.S. an ounce.
