US stocks crawl higher as tech heavyweights gain

The S&P 500 inched up 0.1% as gains in tech heavyweights and health care stocks offset losses elsewhere.

Nvidia jumped 4.9%, Meta was up 2.3%, and Amazon gained 1.1% while the S&P 500 health care sector ETF led the way with a 0.7% advance. Energy stocks suffered, down 2.6% after OPEC+ outlined plans to start boosting production in the fourth quarter. Industrials and utilities sector ETFs also finished off more than 1%.

TheiShares 20+ Year Treasury Bond ETF rallied 1.3%, with the bulk of gains coming after the release of a survey on US manufacturing activity came in below expectations. The three-day advance of 2.9% for this fixed-income fund is its best run of form since the end of January.

Shares of GameStop spiked 21% after the Reddit account associated with Keith Gill posted an updated stock and options position worth $180 million.

Spotify’s price hike was well-received by the market, sending shares 5.7% higher.

Meanwhile, Mexican assets had one of their worst days since the time of the Tequila Crisis after the Morena party kept control with roughly 60% of the votes in the country's presidential election. The Mexican peso fell 3.7% versus the US dollar while the iShares MSCI Mexico ETF fell 10.7%, the biggest one-day decline since 2020 for each asset.