Tech Rebounds, S&P Jumps

Stocks rose Monday as Wall Street looked to key artificial intelligence conference and awaited new monetary policy guidance from the Federal Reserve.

The Dow Jones Industrials came off their highs of the day, but still surged 74.28 points to close Monday to 38,790.05.

The S&P 500 index captured 32.33 points to 5,149.42.

The NASDAQ popped 130.27 points to 16,103.45.

Nvidia shares gained 0.7% on the first day of the company’s GTC Conference — where the chipmaker is expected to showcase its latest inroads in artificial intelligence. Analysts hiked up their price targets as the conference began, with Truist’s William Stein predicting a 34% upside. Shares had earlier climbed as high as 4% on Monday morning.

Shares of Alphabet ended 5% higher after Bloomberg News reported that Apple was in talks with Google to include the company’s Gemini AI in iPhones.

These moves come after two weeks of tech-led losses for both the S&P 500 and NASDAQ Composite. The Dow Jones Industrial Average has ended the past three weeks with losses.

Prices for the 10-year Treasury fell, raising yields to 4.33% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.

Oil prices gathered $1.82 to $82.86 U.S. a barrel.

Gold prices regained $2.10 to $2,163.60.