Wall St indexes post record closing highs again, with Nvidia, tech shares higher

All three of the major U.S. stock indexes registered record closing highs for a third straight session on Monday, as shares of Nvidia rose after it said it will invest up to $100 billion in OpenAI.

Also boosting indexes, shares of Apple rose after Wedbush raised the stock’s target price on strong demand signs for the iPhone 17.

Some Fed officials made remarks doubting the need for further rate cuts. Last week, the U.S. central bank cut rates by 25 basis points and indicated more cuts would come at its upcoming meetings.

Both St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic, in separate remarks, said that while the Fed’s quarter of a percentage point rate cut at last week’s meeting was appropriate as a way to manage the risk of rising unemployment, lowering inflation remains the priority.

However, Fed Governor Stephen Miran, who last week dissented when the Fed cut the benchmark rate by a quarter of a percentage point and said a half-point cut was warranted, said on Monday that monetary policy “is well into restrictive territory.”

“There needs to be a catalyst for stocks to move materially higher, and markets appear to be kind of ignoring potential headwinds,” said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut. “We’re not making any calls that are broad-based or trying to time the market, but we’re certainly pointing out to clients and having portfolios reflect that we’re at all-time highs and valuations are getting stretched,” he said.

According to preliminary data, the S&P 500 gained 29.58 points, or 0.44%, to end at 6,693.96 points, while the Nasdaq Composite gained 156.04 points, or 0.69%, to 22,786.71. The Dow Jones Industrial Average rose 70.65 points, or 0.15%, to 46,385.92.

Also worrying some investors were U.S. President Donald Trump’s new visa fees for foreign workers, which drew widespread condemnation from technology executives and others across social media.

Shares of Kenvue fell. Trump was expected to give a Monday afternoon announcement linking the use of Kenvue’s pain medication, Tylenol, to the development of autism during pregnancy, a claim which many doctors dispute.

While investors last week welcomed the Federal Reserve’s first rate cut of 2025 and signals of further easing, sentiment is more cautious today, with U.S. stock futures easing slightly before the bell. President Donald Trump said on Friday that U.S. companies would need to pay $100,000 for new H-1B worker visas, a potential blow for the dominant U.S. tech sector. Investors will hear from a host of Fed officials this week as everyone awaits the release of the Fed’s favored inflation gauge on Friday.

Mike’s off this week, but check out his column today explaining why the ECB could have a “contingency cut” in its pocket and what that means for dollar bets.

Market Minute

* India’s $283 billion information technology sector will have to overhaul its decades-old strategy of rotating skilled talent into U.S. projects following U.S. President Donald Trump’s move to impose a $100,000 fee for new H-1B visas from Sunday, according to tech veterans, analysts, lawyers and economists.

* South Korea’s economy could fall into crisis rivalling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks without safeguards, President Lee Jae Myung told Reuters.