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S&P 500, NASDAQ NOTCH RECORD HIGH CLOSES

The benchmark S&P 500 .SPX and the Nasdaq composite .IXIC registered record closing highs on Monday two days before the Federal Reserve is expected to cut rates, with the biggest lifts from so-called Magnificient 7 stocks, with the exception of Nvidia NVDA.O which ended the session slightly red.

With that, the S&P 500 marked its 25th record closing high for the year to date. As for Nasdaq, it was its 6th record close in as many days.

Google parent Alphabet hit a market capitalization of $3 trillion for the first time, riding on renewed optimism around artificial intelligence and a favorable antitrust ruling. The heavyweight stock added 4.5%, helping to make the communications services index .SPLRCL, up 2.3%, the biggest gainer among the S&P 500's 11 major sector indexes on Monday.

Tesla shares jumped 3.6% after CEO Elon Musk disclosed his purchase of about $1 billion worth of the electric vehicle-maker's stock, in the latest vote of confidence from the billionaire in the company's future. It boosted the S&P 500 consumer discretionary index .SPLRCD, which finished up over 1% and was the benchmark's second biggest percentage gainer on the day.

Microsoft MSFT.O , Amazon.com AMZN.O, Apple AAPL.O and Broadcom AVGO.O were also among the top boosts for the S&P 500 followed by Meta Platforms META.O.

The S&P 500 consumer staples index .SPLRCS, down 1.2%, was the biggest loser among the 11 sectors with only four stocks in that group registering gains on the day.

Healthcare .SPXHC was the next weakest sector index of the day, falling 1.1% and it is the only S&P sector index showing a year-to-date loss, down 0.9% so far this year. Comms services is the biggest YTD percentage gainer.

Here is your closing snapshot:

(Sinéad Carew)

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EARLIER ON LIVE MARKETS:

U.S. INDEXES HIT RECORDS YET AGAIN CLICK HERE

SPENDING SLOWDOWN HITS YOUNGER GENERATION CLICK HERE

BETS ARE ON FOR RATE CUTS BUT DOT PLOT MAY LAG CLICK HERE

AUTUMN IN NEW YORK: EMPIRE STATE FLIPS NEGATIVE CLICK HERE

WALL STREET SET TO OPEN FED WEEK HIGHER WITH TESLA RALLY CLICK HERE

EARNINGS EXPECTATIONS ARE STILL TOO STINGY - CLICK HERE

WHY MORE INSURANCE M&A COULD BE COMING - CLICK HERE

EQUITY POSITIONING OVERWEIGHT, BUT SENTIMENT STILL SHAKY- CLICK HERE

FINANCIALS AND DEFENCE LIFT THE STOXX - CLICK HERE

BEFORE THE BELL: FRENCH STOCKS SHRUG OFF FITCH - CLICK HERE

IT'S ALL ABOUT CENTRAL BANKS THIS WEEK - CLICK HERE