04:30 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 5,473.2 after hitting an intraday record high of 5,488.50 earlier in the session. The Nasdaq Composite climbed 1% to 17,857, also touching a new all-time high of 17,935.98. The Dow Jones Industrial Average rose 0.5% to 38,778.1.

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

For equities to avoid a 20%-plus correction, one has to take a view technology will become a much more meaningful driver of growth for the broad economy in short order, J.P Morgan strategist Marko Kolanovic was cited as saying in a report from ForexLive.

"While tech will continue to be the key driver of economic growth for years to come, we don't think its impact on corporate P&Ls across the board will be that profound so suddenly," Kolanovic was cited as saying. "We remain cautious here, expecting economic growth to weaken, equities to correct, and investors to find a better entry point."

S&P 500 share repurchases were $236.8 billion in Q1, up 8.1% sequentially from Q4 and 9.9% higher from a year ago, as per a note from S&P Global. 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 nearly 48%.

Meanwhile, 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 and its board for allegedly failing to disclose material accounting 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 said on Monday. Autodesk shares rose 6.5%, the top performer on the S&P 500 and the Nasdaq.

Tesla (TSLA) 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.