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A renewed wave of AI enthusiasm helped push the stock market higher on Monday.
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Nvidia is set to unveil new products at its GTC conference, while a report says Apple and Google could strike a deal on AI.
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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:
Here’s what else happened today:
In commodities, bonds, and crypto:
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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.
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Gold rose by 0.12% to $2,164.00 per ounce.
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The 10-year Treasury yield rose one basis point to 4.33%.
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Bitcoin dropped by 2.06% to $66,953.
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