S&P 500 Extends Rally to Third Consecutive Session On Merger Monday

Barry Adams
07 Jan, 2025
New York City

Stock market indexes wavered, and investors remained focused on the gathering of tech companies in Las Vegas for an annual trade show. 

The S&P 500 index edged up 0.4%, and the Nasdaq inched higher 0.2% after Nvidia released a new superchip at the CES show in Las Vegas. 

Chief executive Jensen Huang is scheduled to deliver a keynote address at the annual gathering, which attracts leading tech companies and attendees from around the world.

Despite the enthusiasm surrounding artificial intelligence, market sentiment was cautious ahead of the release of the JOLTS report later today. 

Moreover, the yield on the 10-year U.S. Treasury note hovered near a seven-month high amid worries about resurgent inflation and a surge in federal debt under the president-elect Trump's administration. 

In a four-day trading week, investors are awaiting the release of December's non-farm payrolls report, which could provide insights about labor market conditions. 

The New York Stock Exchange will remain closed on Thursday in honor of the late former U.S. president, Jimmy Carter. 

 

U.S. Indexes and Treasury Yields

The S&P 500 index increased 0.4% to 5,999.98, the Nasdaq Composite rose 0.2% to 19,930.81, and the Russell 2000 index inched down by 0.02% to 2,266.65. 

The yield on 2-year Treasury notes edged higher to 4.28%, 10-year Treasury notes inched up to 4.64%, and 30-year Treasury bonds increased to 4.86%.

WTI crude oil increased $0.45 to $74.01 a barrel, and natural gas prices edged down 5 cents to $3.62 a thermal unit.

Gold increased by $24.51 to $2,658.56 an ounce, and silver rose by $0.38 to $30.31. 

The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.21 to 108.12 and traded at a two-year high. 

 

U.S. Stock Movers 

Nvidia Corp. increased 2.5% to $153.21 after the advanced chipmaker released a new chip for desktop and laptop devices that uses the company's advanced architecture for artificial intelligence chips. 

Getty Images jumped 46% to $3.77, and Shutterstock advanced 26.5% to $38.0 after the two companies announced a merger plan. 

After the $3.7 billion merger, Getty Images' chief executive will lead the combined company, and Shutterstock shareholders have one of three options, including $28.84 in cash per share. 

Ulta Beauty jumped 3.6% to $447.0 after the company revised higher its fourth quarter outlook, citing a better-than-expected holiday season. 

The specialty cosmetic retailer announced the retirement of chief executive Dave Kimbell after 11 years of leading the company, and current President and COO Kecia Steelman will take over the role. 

Inari Medical Inc. jumped 22% to $78.95 after a report suggested that the medical device company is in advanced talks to be acquired by Stryker for as much as $4.9 billion. 

The potential merger talk was reported by Reuters, citing people familiar with the discussion.