Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are well in the green on Monday, shrugging off surging government shutdown odds following the fatal shooting of 37-year-old Alex Pretti in Minneapolis over the weekend.
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A major factor driving the market higher is a better-than-expected durable goods report, with new orders rising by 5.3% month-over-month and topping the consensus estimate of 3.8%. The data, which was delayed due to the previous government shutdown, could signal that companies are growing increasingly confident about the trade landscape.
Tech Stocks Push the S&P 500 and Nasdaq 100 Higher
The Magnificent 7 and other tech stocks are also driving the rally, with Apple (AAPL), Microsoft (MSFT), Meta Platforms (META), and Google (GOOGL) all up by at least 1%. However, Nvidia (NVDA) is trading slightly lower after announcing a $2 billion investment in CoreWeave (CRWV).
Looking ahead, the Fed will announce its interest rate decision on Wednesday, January 28, at 2 p.m. Eastern Time. The central bank is widely expected to hold rates steady with the labor market showing signs of stabilizing.