Stock market today: US stocks jump on fresh wave of AI enthusiasm
A renewed wave of AI enthusiasm helped push the stock market higher on Monday.
Nvidia is set to unveil new products at its GTC conference, while a report says Apple and Google could strike a deal on AI.
Investors are also paying attention to the Federal Reserve's upcoming FOMC meeting on Wednesday.
A renewed wave of investor enthusiasm toward artificial intelligence helped push the stock market higher on Monday.
Shares of Nvidia jumped just over 1% as the company hosted its annual GPU Technology Conference. Nvidia CEO Jensen Huang was kicking off a highly anticipated two-hour keynote address as the market headed into the closing bell, with investors expecting details on the company's upcoming launch of next-generation GPU chips, including the B100, which will be the successor to its wildly popular H100.
Meanwhile, earlier in the day a report from Bloomberg helped spark a sharp rally in shares of Alphabet during the session. The search giant saw its stock price surge about 5% after Bloomberg said Apple may utilize Alphabet's Gemini AI chatbot in its upcoming iPhone release.
"We do think that GOOGL is best positioned to win any external deal for AI on AAPL's devices given the strong search partnership the two already have," CFRA analyst Angelo Zino said.
Aside from AI developments, investors will turn their attention to the Federal Reserve's two-day policy meeting set to begin on Tuesday. While central bankers are expected to leave the benchmark rate unchanged, Fed Chairman Jerome Powell's speech will be closely listened to by investors to gauge when the Fed may begin to cut interest rates.
Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:
S&P 500: 5,149.42, up 0.63%
Dow Jones Industrial Average: 38,790.43, up 0.2% (+75.66 points)
Nasdaq Composite: 16,103.45, up 0.82%
Here's what else happened today:
Millennial women are taking over the economy as female participation in the prime-age workforce surges, according to Ned Davis Research.
Wall Street is ramping up its bets that the US economy will experience a soft landing, meaning no recession ahead.
A trade war between the US and China is likely regardless of who wins the Presidency in 2024, according to Capital Economics.
The housing market is expected to stay exceptionally strong in the South due to strong employment trends and relative affordability.
Bitcoin could soar 266% to $250,000 next year if inflows into bitcoin ETFs remain strong, according to Standard Chartered.
In commodities, bonds, and crypto:
West Texas Intermediate crude oil jumped 2.13% to $82.30 a barrel. Brent crude, the international benchmark, climbed by 1.97% to $87.02 a barrel.
Gold rose by 0.12% to $2,164.00 per ounce.
The 10-year Treasury yield rose one basis point to 4.33%.
Bitcoin dropped by 2.06% to $66,953.
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