Stocks rose to record levels on Monday as investors looked to start the new year on a high note. The Dow Jones Industrial Average rose nearly 250 points to reach a new record high, while the S&P 500 also climbed to a fresh record close. The tech heavy Nasdaq, boosted by Apple
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Apple reaches $3 trillion market cap:
Apple briefly reached a market capitalization of $3 trillion during Monday's session, making the tech giant the first company in the United States to reach this valuation. The stock ultimately rose 2.5% on Monday to close at $182.01, closing the trading day just below the $3 trillion mark.
While the milestone is mostly symbolic, it shows that Wall Street remains bullish on Apple stock. At a market value of $3 trillion, Apple has tripled its valuation in under four years.
Tesla beats both Q4 and full year delivery expectations:
Shares of Tesla rose higher on Monday, the first trading day after the electric vehicle giant beat fourth-quarter and full year delivery expectations.
Tesla delivered 308,600 electric vehicles in the fourth quarter of 2021, the company said Sunday. For the year, Tesla delivered 936,172 vehicles, which marked an 87% annual increase.
Wall Street had expected the EV company to deliver 267,000 units in the fourth quarter and 897,000 for the year, according to analyst consensus data compiled by FactSet.
December manufacturing PMI ticks down:
IHS Markit's final U.S. purchasing managers' index (PMI) reading for December for the manufacturing sector posted a slightly lower than previously reported final monthly print.
The firm's headline PMI ticked down to 57.7 for December from the 57.8 preliminary reading reported earlier in the month, marking the lowest print for the manufacturing sector in a year. However, readings above the neutral level of 50.0 indicate expansion.
"December saw another subdued increase in U.S. manufacturing output as material shortages and supplier delays dragged on," said Sian Jones, senior economist at IHS Markit, in a press statement. "Although some reprieve was seen as supply chains deteriorated to the smallest extent since May, the impact of substantially longer lead times for inputs thwarted firms' ability to produce finished goods yet again."
"While shortages remained significant, the end of the year brought with it some signs that cost pressures have eased," Jones added. "The uptick in input prices was the slowest for six months, and firms recorded softer increases in selling prices amid efforts to entice customer spending."
Here's how market benchmarks opened trade on Monday:
S&P 500 Index: +0.41% or +19.45 points to 4,785.63
Dow Jones Industrial Average: +0.23% or +81.85 points to 36,420.15
Nasdaq Composite Index: +0.75% or +114.00 points to 15,761.93