Nasdaq Composite Pares Losses, Trades Just Below Record Levels

The Nasdaq Composite Index erased losses in the final hour of trading on Monday? As investors looked ahead to a parade of Federal Reserve speakers through the week.

The technology-heavy index closed at 5,901.53, little changed from the previous session’s close. The gauge opened slightly lower and was down as much as 0.2% during the day.

A total of 1,128 Nasdaq companies rose on Monday, versus 1,176 decliners.

Meanwhile, 158 companies reported new highs on Monday, compared to 43 that saw new lows.

The Nasdaq Biotechnology Index rose 0.5% to 3,101.28 on Monday, snapping two consecutive declines.

Wall Street’s other major indexes finished mixed-to-lower on Monday. The large-cap S&P 500 Index ended down 0.2%. The Dow Jones Industrial Average pared losses to end flat.

Federal Reserve Bank of Chicago President Charles Evans said on Monday that the U.S. economy is gaining momentum and that interest rates were on track to rise two more times this year. Evans was a voting member of the Federal Open Market Committee (FOMC) policy board that selected to raise rates by last week. Rates have risen in two of the Fed’s last three policy meetings.

A parade of central bank speakers will make headlines this week, including Chair Janet Yellen, giving investors plenty of talking points for speculation.

Regional Fed presidents Eric Rosengren (Boston), William Dudley (New York), Esther George (Kansas), Neel Kashkari (Minneapolis) and Robert Kaplan (Dallas) are all in tap in the coming days.

Nasdaq Composite Index

nasdaq

Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.