NEW YORK (AP) — Most U.S. stock indexes rose Monday, adding to recent winning weeks.
The S&P 500 rose 0.2% in afternoon trading, on track to surpass the record set last week. The Nasdaq Composite Index was up 0.6% as of 1:38 p.m. ET, also on a record pace. The Dow Jones Industrial Average fell 102 points, or 0.3%, on Friday after closing above the 40,000 mark for the first time.
Norwegian Cruise Line helped lead the market, rising 7.8% after delivering several financial forecasts for the year that beat analysts' expectations. The company said demand for cruises is growing and some of its competitors are following suit and profiting from it. Carnival rose 6.7% and Royal Caribbean Group rose 4.7%.
All three major U.S. stock indexes hit new highs last week, largely as expectations for subdued inflation reignited hopes that the Federal Reserve could cut interest rates by the end of the year. Stocks were also boosted by an increasing number of reports showing that major U.S. companies were making better-than-expected profits.
There are few major economic reports this week, like last week's headline which suggested inflation may finally be heading back in the right direction after a gloomy start to the year. However, there are several reports scheduled that could move the market on corporate earnings.
At the top of the list is Nvidia, whose rise amidst the frenzy around artificial intelligence technology was a key reason for the S&P 500's rise last year. The company is scheduled to release its latest quarterly results on Wednesday, and expectations are high. Analysts expect sales to more than triple from a year ago to nearly $24.59 billion.
The company's stock price rose 2.5%, for a year-to-date gain of more than 91%.
Several retailers are also on the schedule, including Lowe's on Tuesday, Targets on Wednesday and Ross Stores on Thursday. They could provide more information about how well U.S. household spending is holding up. With inflation still high, albeit not as high as before, pressures on customers are increasing, and rifts appear to be glaring among the lowest-income customers.
Target fell 2.1% after it announced on Monday it would cut prices on thousands of everyday items such as diapers and milk, recognizing that customers were looking for relief from high prices.
In the oil market, crude oil prices fell following the death of Iran's president in a helicopter crash. Benchmark U.S. crude oil fell 1% to $79.25 a barrel. Brent crude oil, the international standard crude oil, fell 1% to $83.18 per barrel.
In the bond market, yields remained largely stable. The yield on the 10-year U.S. Treasury rose to 4.44% from 4.42% late Friday. The yield on the two-year Treasury note, which more accurately reflects expectations for Fed action, rose to 4.84% from 4.83% late Friday.
On Wednesday, the Federal Reserve will release minutes from its latest meeting, which once again left its key interest rate unchanged at the highest level in more than 20 years. The hope is that the Fed can manage the delicate balance of pushing down the economy through high interest rates just enough to control inflation but not enough to cause a painful recession.
Traders give an 89% chance that the Fed will cut key interest rates at least once this year, according to CME Group data.
In overseas stock markets, indexes rose slightly in most regions of Asia and Europe.
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AP writers Matt Ott and Zimo Zhong contributed.
