By The S&P 500 rose to a new record high of 5,859 on Monday ahead of key corporate earnings later this week.
At the time of writing, the S&P 500 index was 0.8% higher than the previous close.
The Dow Jones Industrial Average was up 0.4%, while the Nasdaq Composite rose 0.9%.
Bank of America, Goldman Sachs, and Johnson & Johnson are expected to report their earnings results on Tuesday.
Additionally, Morgan Stanley and United Airlines will release their earnings report on Wednesday.
Walgreens Boots Alliance, Netflix, and Procter & Gamble are also scheduled to post their results this week.
Last week, JPMorgan Chase and Wells Fargo kicked off the third-quarter earnings season on a high note.
Longboard Pharmaceuticals soars over 51%
Sarees of Longboard Pharmaceuticals surged more than 51% on Monday after Denmark’s H Lundbeck A/S announced that it had agreed to purchase the company in a $2.6 billion deal.
Lundbeck said it would buy Longboard, which is known for its potential epilepsy medication, for $60 per share.
Longboard has said its lead asset, bexicaserin, has shown encouraging anti-seizure reduction to date in preclinical and clinical studies, according to an Investing. com report. Bexicaserin is now being evaluated in a global late-stage clinical program, the report said.
Big tech stocks surge
Shares of Apple rose 1.3% on Monday, while those of NVIDIA Corporation surged by 2.7% from the previous close.
Microsoft Corporation also gained nearly 1%, while other stocks such as Broadcom Inc and Oracle were also in the green.
The stock of NVIDIA Corporation was near its record intraday high of $140,76 per share.
The chipmaker last traded at $138.61 per share on Monday.
This year, the stock has gained a whopping 178%, according to a CNBC report.
The iShares Expanded Tech-Software ETF rose 0.6% on Monday, hitting a new intraday record high since its inception in 2001.
The exchange-traded fund has risen for five consecutive trading days.
Within the ETF, Autodesk and MicroStrategy were notable gainers.
Boeing shares slump
Shares of Boeing Co. dipped 3% earlier in the session on Monday before recouping some of the losses.
At the time of writing, shares of the company were down 0.9% from the previous close.
Shares of Boeing dropped on Monday as the planemaker said it plans to lay off about 10% of its global workforce in the coming months, about 17,000 people.
Last week, the company said that job cuts will involve managers, executives, and employees.
Oil prices drop 2% as OPEC cuts demand forecasts
Oil prices slumped more than 2% on Monday as concerns about poor demand from China weighed on sentiments.
Additionally, the Organization of the Petroleum Exporting Countries cut its forecast for growth in global oil demand for both 2024 and 2025.
This marked the third consecutive month when OPEC has revised its estimates for global demand growth.
OPEC cut its forecast for growth in demand as lower oil consumption in certain parts of the world weighed on the overall outlook.
At the time of writing, the price of West Texas Intermediate crude was at $74.18 per barrel, down 1.8%.
Brent crude oil on Intercontinental Exchange fell 1.6% to $77.79 per barrel on Monday.
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