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Rising tech stocks push Nasdaq, S&P 500 to new records; Dow drops 150 points

The Nasdaq Composite and S&P 500 rose to record highs on Monday as tech stocks including Facebook and Nvidia surged. Photo by John Angelillo/UPI
The Nasdaq Composite and S&P 500 rose to record highs on Monday as tech stocks including Facebook and Nvidia surged. Photo by John Angelillo/UPI | License Photo

June 28 (UPI) -- Rising tech stocks sent the Nasdaq Composite and S&P 500 to record highs on Monday while the Dow Jones Industrial Average lagged behind, dropping 150 points.

The tech-heavy Nasdaq gained 0.98% to close at a record 14,500.51, while the S&P 500 climbed 0.23% to a new high of 4,290.61. The blue-chip Dow meanwhile fell 150.57 points, or 0.44%.

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Facebook stock gained 4.18% and its market value rose above $1 trillion after a federal judge dismissed two antitrust complaints filed against the company by the U.S. Federal Trade Commission and state attorneys general last year.

Shares of chipmaker Nvidia also gained 5% while Broadcom increased 2.29%, Apple grew 1.25% and Salesforce gained 0.73%.

Online marketplace Etsy rose 7.36% to help boost the S&P.

On the flip side, Carnival stock dropped 7% on Monday, while Boeing stock slid 3.39% to bring down the Dow.

AMC stock, the best performing of the so-called "meme stocks" gained 7.61%, rallying back from losses on Friday and GameStop stock was up 1.77%.

Monday's increases came as the 10-year treasury yield dropped to about 1.48%.

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"At the sector level, the rates math is characteristically resulting in outperformance of high dividend yield stock while Financials are lagging," Chris Hussey of Goldman Sacs said in a note to clients. "Energy is the worst-performing sector as the broader reflation trade is put on hold."

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