The S&P 500 (^GSPC) rose almost 0.8% to notch its 30th record close of 2024 while the Nasdaq Composite (^IXIC) also climbed 0.95% to its sixth consecutive record.

The Dow Jones Industrial Average (^DJI) climbed out of early morning losses to jump 0.5%, or nearly 200 points.

Technology and Consumer Discretionary-related stocks powered the major averages on Monday as Apple (AAPL), Microsoft (MSFT), Tesla (TSLA), and Broadcom (AVGO) closed higher.

Stocks have climbed higher as Wall Street analysts have increased their year-end forecast for the S&P 500. The benchmark index topped the 5,400 level for the first time last week.

Technology and Consumer Discretionary stocks powered the major averages to new highs on Monday as the S&P 500 (^GSPC) was on track for its 30th record close this year.

With less than an hour left of the trading session, the index was up 0.9%.

Meanwhile, the Nasdaq (^IXIC) touched fresh highs to gain more than 1%.

The Dow Jones Industrial Average (^DJI) erased early morning gains to jump 0.5% above the flatline.

Apple (AAPL), Microsoft (MSFT), Tesla (TSLA), and Broadcom (AVGO) were some of the biggest gainers.

The AI-infused stock market rally has prompted a common bear counterpoint over the past few months.

Stock valuations, including for the benchmark S&P 500 (^GSPC), are simply too rich.

In a note on Sunday, Julian Emanuel, who leads Evercore ISI's equity, derivatives, and quantitative strategy, admitted that with the S&P 500 trading above 20 times its forward earnings, the index is indeed "expensive." But Emanuel also raised his year-end target for the S&P 500 to 6,000 from 4,750 in the same note, in part because "high valuations can remain higher for longer."

As our chart of the day from Emanuel shows, stocks haven't been expensive for that long when comparing this rally to others. The S&P 500's forward price-to-earnings ratio crossed the 20 level 143 days ago, per Emanuel. In the 2021 COVID reopening frenzy, the S&P 500 traded at similar valuation levels for 614 days. During the dot-com boom, the S&P 500 lasted at those levels for 737 days.

Furthermore, the returns haven't been nearly as robust either. Since reaching "expensive" territory in late January, the S&P 500 has gained 11%, well short of the more than 40% returns seen when valuations were stretched during the post-pandemic rally and the 63% return seen during the dot-com bubble.

This serves as a reminder that while high valuations can provide investors pause, as periods of euphoria are often followed by an unwinding of the market rally, stock valuations can often stay higher for longer than many believe too.

The tech-heavy Nasdaq Composite (^IXIC) gained 1% in afternoon trading while the S&P 500 (^GSPC) gained 0.8% as both of the major averages notched new intraday highs.

The Dow Jones Industrial Average (^DJI) rose 0.3%.

The sectors leading the gains included Technology, Consumer Discretionary, and Industrials.

GameStop stock (GME) fell as much as 15% during the video game retailer's annual shareholder meeting on Monday.

Chairman and CEO Ryan Cohen spoke briefly at the top of the highly anticipated gathering, emphasizing the company's focus on achieving profitability.

“With respect to retail operations, we plan to continue reducing costs and focusing on profitability,” said Cohen.

“We are focused on building shareholder value over the long term. We are not here to make promises or hype things up. We’re here to work,” he added.

GameStop shares have been volatile over the past month amid the reemergence of retail trader Keith Gill, who is credited with sparking the meme frenzy of 2021.

GameStop has capitalized on recent rallies, raising over $3 billion in proceeds from stock offerings over the past month.

“Having a strong balance sheet, especially in times of economic uncertainty, is a strategic advantage,” Cohen said on Monday.

The shareholder meeting was postponed last week due to a high volume of people trying to listen in on the gathering.

The major averages were all higher on Monday with the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) touching fresh intraday highs.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.3%.

Technology and Consumer Discretionary stocks outperformed as shares of Apple (APPL), Tesla (TSLA), and chipmaker Broadcom (AVGO) led the gains.

Oil futures rose roughly 1% on Monday, building on last week's gains following a sell-off earlier this month.

On Monday, West Texas Intermediate (CL=F) was trading just over $79.50 per barrel, adding to a gain of roughly 4% last week.

Brent (BZ=F), the international benchmark price, hovered above $83.50 per barrel on Monday.

Futures pulled back earlier this month after oil alliance OPEC+ announced it would extend its production cuts into 2025 but some of its voluntary reductions would begin to phase out starting in October.

Prices ticked higher last week on expectations that summer demand for transportation and cooling would keep supply tight.

Goldman Sachs analysts recently forecast Brent crude prices will rise to $86 per barrel later this summer.

The major averages all turned green mid-morning.

The Nasdaq Composite (^IXIC), which had been positive most of the session, gained almost 0.2% while the S&P 500 (^GSPC) rose 0.1%. The Nasdaq and S&P 500 closed at record highs last week.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise above the flatline.

Nvidia (NVDA) hit new record highs on Monday as the chip giant continued to lead the Nasdaq Composite (^IXIC) higher.

The stock gained almost 1% as the rest of the market was muted. Nvidia is up more than 170% year to date.

Nvidia has by far outperformed the rest of the "Magnificent Seven" stocks and the Nasdaq 100 (^NDX) components.

Stocks were little changed on Monday to kick off a holiday-shortened trading week.

The Nasdaq Composite (^IXIC) gained almost 0.1% after the tech-heavy index notched five straight sessions of record closes last week.

The S&P 500 (^GSPC) fell 0.1% after also hitting record highs last week, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

The stock market has been inching higher despite investors' scaled-back expectations on rate cuts in 2024. The market now anticipates the Federal Reserve will cut rates just one time this year following the central bank's latest policy meeting last week.

Technology-related stocks continued to gain on Monday. Year to-date, the S&P 500's Information Technology Sector ETF (XLK) is up more than 18%, compared to the broader benchmark's 13% gain.