The Nasdaq closed at 27,122.09 for its first record since June 2
Thirty S&P 500 stocks hit new 52-week lows on Monday, while only seven reached fresh highs, even as the index climbed 1.49 percent to close at 7,764.70.
The last time the index advanced at least 1 percent to within 1 percent of a new 52-week high while new lows outnumbered new highs was December 21, 1999, a few months before the dotcom bubble top, according to Jason Goepfert, who founded SentimenTrader and now serves as an adviser at NextGen News, in comments carried by CNBC.
The only other time in history the dynamic played out was July 23, 1929, Goepfert said in a post on X.
Look, I know...perma-bear blah blah blah.
— Jason Goepfert (@jasongoepfert) September 21, 2026
But this is crazy stuff.
There are 2 days in history like today, when the S&P 500 $SPY rallied at least 1% to within 1% of a new high, and more of its stocks fell to new lows than highs.
• Jul 23, 1929
• Dec 21, 1999 https://t.co/yBvtgtPJh9 pic.twitter.com/vMcZ9FasMJ
Gains were led by communication services, information technology and consumer discretionary, CNBC reported.
Information technology stands less than 1 percent from a fresh 52-week high, while communication services and consumer discretionary sit 4 percent and 7 percent below their respective highs.
Art Hogan, chief market strategist at B. Riley Wealth, told CNBC that leadership is battling weaker near-term performance, and stocks already selling off face an "easier glide path" to new lows than to new highs.
Hogan said the market could see more trading days like this sporadically over the coming months if sentiment remains subdued amid tensions in the Middle East.
"We're not going to make new highs in this market if the war persists, energy prices remain stubbornly high and the Fed has to continue to hike rates," he said.
The Nasdaq Composite gained 2.26 percent to 27,122.09, its first record close since June 2, 2026, Reuters reported.
Advanced Micro Devices rose about 10 percent to reach a market capitalisation of US$1tn for the first time, Intel surged 12.2 percent and the Dow Jones Industrial Average rose 0.71 percent to 52,048.83.
Canada's main stock index rose 202.75 points, or 0.57 percent, to 36,009.40, led by technology and financial stocks, Reuters reported.
The technology index rose 2.96 percent and the financials index, which houses the country's biggest banks and insurers, gained 1.4 percent.
Shopify, Canada's third largest company, rose 7.8 percent and BlackBerry gained 7 percent.
"More broadly, mega cap tech is reasserting leadership," Angelo Kourkafas, senior global strategist-investment strategy at Edward Jones, told Reuters.
According to the outlet, heavyweight energy stocks fell 2.5 percent and the broader mining index fell 0.7 percent.
US tariffs could slash Canada's fourth-quarter growth to below 1 percent, Bank of Canada Governor Tiff Macklem said in comments reported by Reuters, reflecting a new wave of uncertainty that threatens to hit investment and hiring.
Macklem said the bank had to consider that while slower growth could drag inflation downwards, the Middle East conflict could push it up as oil prices soar.
The Canadian dollar traded for 71.32 cents US, compared with 71.42 cents US on Friday, The Canadian Press reported.
Retail sales data due later this week will be watched for cues on consumer spending amid increasing inflationary fears, according to Reuters.
Brent crude futures dipped below US$100 a barrel to their lowest level since September 9, settling at US$100.34, Reuters reported, on speculation about a potential breakthrough in Middle East talks at a UN meeting this week.
The November crude oil contract fell US$3.71 to US$92.37 per barrel, according to The Canadian Press.
The 10-year US Treasury note yield shed more than four basis points to 4.951 percent, CNBC reported, after crossing above 5 percent last week for the first time since 2023.
The US Federal Reserve raised rates last week for the first time in three years to fight inflation, and traders see a 50 percent chance of another hike next month, Reuters reported, citing CME's FedWatch.
