4 hrs ago

Wall Street Rises as AI Stocks Shine and Oil Falls

Wall Street Rises as AI Stocks Shine and Oil Falls
Wall Street rises as AI stocks shine, oil drops; Dow, S&P, Nasdaq up · thehindubusinessline.com

US stock markets went up on Monday.

Technology companies connected to artificial intelligence led many of the gains.

Advanced Micro Devices became a company worth $1 trillion in the stock market.

Oil prices fell by more than 3%, which helped make investors feel less worried about costs.

Investors also watched signs of possible progress in Middle East negotiations.

However, people remained concerned that interest rates could rise again because inflation is still strong.

The US and China are expected to discuss trade and artificial intelligence rules this week.

Bitcoin also rose, helping some cryptocurrency-related companies.

Overall, investors were more hopeful than they had been during the previous AI-related selloff.

Key facts

Dow Jones Industrial Average
Rose 241.25 points, or 0.47%, to 51,923.89 at 10:24 a.m. ET.
S&P 500
Gained 70.38 points, or 0.92%, to 7,720.88.
Nasdaq Composite
Added 393.21 points, or 1.48%, to 26,915.76.
Advanced Micro Devices
Rose 8.5% and reached a $1 trillion market valuation.
Oil prices
Dropped more than 3% to an 11-day low.
Interest-rate outlook
Markets saw a 50% chance of another rate increase the following month, according to CME FedWatch.
Bitcoin
Rose 5.3% to a more than seven-month high.

Quotes

Chris Zaccarelli

Chief investment officer for Northlight Asset Management

“The excitement in the build-out and adoption of AI has really driven a lot of the growth in corporate profits and a lot of the gains in the stock market over the past few years.”
thehindubusinessline.com

Sources

Related news