U.S. stocks climb on Monday as Nvidia and the S&P 500 recover
Wall Street bounced back strongly on Monday.
The short version
- The S&P 500 rose 0.8 per cent.
- Nvidia gained 2.5 per cent to lead the market.
- Markets watched big swings across tech and AI stocks.
Wall Street shook off last week's losses as U.S. stocks climbed on Monday despite choppy trading across global markets. The S&P 500 rose 0.8 per cent and pulled within 1.6 per cent of its all-time high set earlier this month. The Dow Jones Industrial Average added 154 points, or 0.3 per cent, while the Nasdaq composite rose 1.1 per cent, according to BNN Bloomberg.
The strongest lift came from Nvidia, the chip company that makes processors for artificial intelligence, which rose 2.5 per cent. That rebound helped the chipmaker recover some ground after three straight losing weeks and maintain its spot as the largest stock on Wall Street above Apple.
Artificial intelligence stocks elsewhere remained on edge as investors worried about the high cost of borrowing money to build data centers and buy chips. Meta Platforms, which owns Facebook and WhatsApp, bounced around after announcing plans to raise $35 billion by selling stock.
Elon Musk, the billionaire who runs Tesla and SpaceX, warned over the weekend that hundreds of companies renting out AI computing power face severe consolidation due to high borrowing costs. Markets are now bracing for a heavy week of profit reports, with Alphabet, Microsoft and Amazon all scheduled to release quarterly results.
Roughly one in three companies in the S&P 500 will report earnings this week, putting pressure on corporate America to justify soaring stock valuations.
Photo: Coolcaesar, CC BY-SA 4.0, via Wikimedia Commons
