This article first appeared on GuruFocus.
On Monday, Wall Street had a good start to the week. The Nasdaq increased 0.8% and the S&P 500 rose 0.4%, both setting new records for the day. The Dow didn’t move. Tesla (TSLA, Financials) rose 6% as reports suggested that Elon Musk bought about $1 billion worth of stock, which helped the consumer discretionary sector. Alphabet (GOOGL, Financials) went up enough to reach a value of $3 trillion, making it a member of the mega-cap club with Apple, Microsoft, and Nvidia. Nvidia (NVDA, Financials) fell as China stated its antitrust investigation would continue, but losses got less later in the session. Now everyone is watching the Federal Reserve’s policy meeting. People think that the Fed will drop rates by a quarter point, but they will pay more attention to what Jerome Powell says about how far the Fed might go. Intel (INTC, Financials) surged about 4% after lowering its cost forecast. CoreWeave (CRVW, Financials) rose 6% after signing a $6.3 billion cloud agreement with Nvidia, although short-seller Kerrisdale Capital revealed a pessimistic bet. The markets are getting ready for one of the most important weeks of the year, with the Fed’s decision and retail sales data coming up.