S&P 500 hits record, Nasdaq soars ahead of big earnings week for mega-cap tech

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The S&P 500 closed at a record high on Monday as investors anticipate a flood of first quarter earnings that are set to be released this week, with more than a third of the S&P 500 reporting earnings. The Nasdaq 100 was up as much as 1%, just below record-highs.

Mega-cap technology companies will headline this week’s earnings announcements, with Tesla announcing after the bell on Monday, and Apple and Google parent Alphabet reporting later in the week.

Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:

With Tesla set to report its first-quarter earnings after the close on Monday,here’s what four Wall Street analysts expect to see from the electric vehicle manufacturer’s report.

MicroVision soared as much as 32% after the stock became the most mentioned name on Reddit’s WallStreetBets forum in a 24-hour period.

Copper prices soared on Monday, hitting their highest levels since 2011 as increasing demand to fuel a green-energy future outstrips supply, which has been rattled by the COVID-19 pandemic.

Another commodity that continues to surge is lumber, which is up 325% over the past year. That price increase has helped push new-home prices up by $24,000 on average.

Bitcoin staged a deep correction over the weekend, falling below the $50,000 level for the first time in months. But buyers stepped in on Monday, pushing bitcoin up by more than 10% to $53,000.

Oil prices were lower. West Texas Intermediate crude fell 0.3%, to $61.93 per barrel. Brent crude, oil’s international benchmark, dropped by 0.7%, to $65.66 per barrel.

Gold jumped 0.16%, to $1,780.80 per ounce.