Stock market today: Live updates

The Dow Jones Industrial Average and S&P 500 touched new records on Monday, kicking off the shortened trading week as investors cheered President-elect Donald Trump’s choice for Treasury secretary.

The blue-chip Dow traded 235 points, or 0.5%, higher, while the broad S&P 500 gained 0.1%. Both hit new all-time highs in the session. The Nasdaq Composite flickered around flat, weighed down by drops in some megacap technology names.

Stocks gave up some steam in afternoon trading after a morning rally on the heels of Trump’s decision to nominate Key Square Group founder Scott Bessent as Treasury secretary. At session highs, the Dow soared more than 500 points and the Nasdaq Composite jumped more than 1%.

Still, more than 3 out of 5 S&P 500 stocks traded higher in the session. The small cap-focused Russell 2000 jumped more than 1.5% and also hit a fresh all-time intraday high.

Investors see the hedge fund manager as someone who will be supportive of the equity market. They believe he may also help mitigate some of Trump’s most extreme protectionist policies, such as his stance on taxing imports.

“I would recommend that tariffs be layered in gradually,” Bessent said to CNBC in an interview earlier this month before he was picked. “If you take that price adjustment coupled with all the other disinflationary things President Trump is talking about, we’re going to be at or below the 2% inflation target again.”

Treasury yields and the U.S. dollar index pulled back following the Bessent pick late Friday. Indeed, the 10-year Treasury yield dropped more than 11 basis points in Monday’s session. These moves, paired with Monday morning’s equity market rally, show a “textbook” positive reaction to Trump’s decision, according to Quincy Krosby, chief global strategist at LPL Financial.

“You can’t ask for a better reception from the market,” Krosby said. “This is the market applauding.”

Big technology, on the other hand, was more mixed. While Amazon and Alphabet took legs up, Nvidia and Netflix dropped.

Traders are wondering if last week’s gains signify that the postelection rally has once again picked up steam. After surging in the wake of the presidential race’s conclusion, the ascent had taken a breather as worries about rising yields and the potential for inflation from Trump’s policies took hold.

U.S. markets are dark Thursday due to the Thanksgiving holiday and close early on Friday, so trading volume is likely to be light this week. During the shortened trading week, the interest rate outlook is likely to be a focus.

Investors will monitor the release of October’s personal consumption expenditure price index, the Federal Reserve’s preferred inflation measure, on Wednesday. Minutes from the Fed’s most recent policy meeting are also due out ahead of Thanksgiving.