S&P500, Dow Jones edge towards record high levels; Tech and growth stocks lead the rally

The US markets closed in green on Monday as investors moved their interest towards equities after the sharp selloff in the precious metals over the weekend. The S&P500 closed 0.6% near record high levels, the NASDAQ jumped 0.7%, and the Dow Jones advanced the most by 1.1% on Monday morning.

The technology and growth stocks were the top gainers and index movers for Monday as Apple shares rallied 4%, AMD up 4% and Micron Inc up by 5%. Alphabet and Amazon shares held firmly ahead of their quarterly earnings later this week. While the poster boy of the AI, Nvidia shares closed over 2.3% lower on a stalled $100 million investment in OpenAI.

Meanwhile, President Trump announced signing a trade deal with India by lowering the tariffs to 18%, from 25% earlier. President Trump also removed the 25% additional tariffs on India, which were imposed for purchasing Russian oil. President Trump posted on the social media platform, Truth Social, “ It was an Honour to speak with Prime Minister Modi, of India, this morning. He is one of my greatest friends and a Powerful and Respected Leader of his Country. We spoke about many things, including Trade, and ending the War with Russia and Ukraine. He agreed to stop buying Russian Oil and to buy much more from the United States and, potentially, Venezuela.

This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week! Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%. They will likewise move forward to reduce their Tariffs and non-tariff barriers against the United States to ZERO. The Prime Minister also committed to “BUY AMERICAN” at a much higher level, in addition to over $500 BILLION DOLLARS of U.S. Energy, Technology, Agricultural, Coal, and many other products.

Thank you for your attention to this matter!”

Following the annoucement, the NIFTY futures in the GIFT City jumped over 600 points. The trade deal is expected to boost the bilateral trade between the two partners.

On the other hand, the gold and silver prices also bounced back from lower levels on Monday as investors continued to stay cautioned about the economic uncertainity and the US and Dollar 'debasement' theory.