Megacap tech-adjacent growth stocks lifted the Nasdaq

New York (Reuters): U.S. stocks were led higher by tech while crude prices dipped on Monday as investors, amid light Columbus Day trading, looked to promised Chinese stimulus and girded themselves for a string of high-profile corporate earnings.
Megacap tech-adjacent growth stocks lifted the Nasdaq and the S&P 500 sharply higher, setting the latter up for a fresh record closing high, while the blue-chip Dow was only barely positive, hovering near Friday's all-time closing high.
"We have some good momentum behind stocks in general, major indices hitting all time highs," Sam Stovall, chief investment strategist of CFRA Research in New York, said.
Oil prices dipped and the dollar was flat as dour news from China stoked fears of softening global demand.
On Saturday Beijing pledged to "significantly increase" debt in its attempt to breathe life into the world's second-largest economy, but disappointed investors with its lack of detail.
This was followed on Monday by a report showing a sharp deceleration in Chinese export growth which missed expectations by a wide margin, underscoring the need for robust stimulus.
"China is having economic difficulties," Stovall added. "Oil prices are another indication of lack of confidence that China will be able to pull itself up by its own boot straps, primarily because the stimulus details are so sketchy."

Apple’s racing movie is finally here
- 3 hours ago
USAID officially shut down as Trump administration ends 'charity-based' model
- 9 hours ago

Can the music industry make AI the next Napster?
- 3 hours ago
Father murders son over association with transgender individuals in Karachi
- 13 hours ago

LHC orders release of Sanam Javed
- 8 hours ago

Karachi police arrest six fake officers in uniform near Defence
- 9 hours ago

Railway fare hike likely as diesel prices soar
- 10 hours ago

Everything you need to know about Trump’s “big, beautiful bill”
- an hour ago

What the Supreme Court did to America in 2025
- an hour ago

A million kids won’t live to kindergarten because of this disastrous decision
- an hour ago

Denis Villeneuve is directing the next Bond film for Amazon
- 3 hours ago

Threads now has a better word filter than Instagram
- 3 hours ago