04:39 PM EDT, 06/17/2024 (MT Newswires) -- US equity indexes rose at the close on Monday as technology defied Wall Street bears, helping the S&P 500 and the Nasdaq Composite hit new record highs.

The S&P 500 climbed 0.8% to 5,473.20 after hitting an intraday record high of 5,488.50 earlier in the session. The Nasdaq Composite climbed 1% to 17,857.02, also touching a new all-time high of 17,935.98. The Dow Jones Industrial Average rose 0.5% to 38,778.10.

Technology jumped 1.4% and consumer discretionary advanced 1.4%, led higher by mega-caps such as Broadcom ( AVGO ) , Apple ( AAPL ) , and Tesla (TSLA).

S&P 500 shares repurchases were reported at $236.8 billion in Q1, up 8.1% sequentially from Q4 and 9.9% higher from a year ago, S&P Global said. Buyback concentration declined but remained top-heavy, with the top 20 S&P 500 companies accounting for almost 51% of Q1 buybacks, down from just over 54% in Q4 but still above the historical average of almost 48%.

In economic news, the New York Federal Reserve's Empire State manufacturing index improved to minus-6 in June from minus-15.6 in May, compared with the minus 11.3 expected in a survey compiled by Bloomberg. The Empire State index is the first manufacturing sector reading for June, suggesting an easing in the pace of contraction.

The US 10-year yield jumped 6.6 basis points to 4.28%, and the two-year rate surged 8.3 basis points to 4.77% after declining last week as consumer and wholesale price inflation eased more than forecast.

In company news, Autodesk ( ADSK ) shareholder Starboard Value said Monday that it plans to sue Autodesk ( ADSK ) and its board for allegedly failing to disclose material accounting and disclosure issues.

Starboard is seeking to leverage a now-completed internal investigation that resulted in no financial restatement as a pretext for re-opening the advance notice period, a statement from Autodesk ( ADSK ) said on Monday. Autodesk ( ADSK ) shares rose 6.5%, the top performer on the S&P 500 and the Nasdaq.

Tesla on Friday sued Matthews International ( MATW ) for allegedly stealing confidential trade secrets related to the automaker's dry-electrode battery manufacturing technology and disclosing them to Tesla competitors. Tesla shares jumped 5.3%, among the top gainers on the S&P 500 and the Nasdaq.

West Texas Intermediate crude oil soared 2.7% to $80.45 a barrel.

Gold fell 0.8% to $2,329.11 an ounce, and silver was down 0.5% to $29.32.