The S&P 500 rose on Monday, led by tech, as a new month of trading began.
The Dow Jones Industrials index gave up 194.02 points Monday to 47,368.95.
The much broader index poked ahead 3.85 points to 6,844.00
The NASDAQ moved higher 142.48 points to 23,863.43.
Micron Technology gained 4% to lead chipmaker stocks higher, while Nvidia was up 2%.
Other tech names such as Meta Platforms progressed nearly 1% and Palantir gained almost 2%.
The moves came after data center company Iren reached a multiyear $9.7-billion deal with Microsoft to provide the megacap technology company access to Nvidia GB300 graphics processing units. Shares of Iren were last up 17%.
Nvidia shares continued to see gains Monday following Microsoft’s announcement that it has secured export licenses from the Trump administration to ship Nvidia chips to the United Arab Emirates.
The company added that its total UAE investment will amount to $15.2 billion by the end of 2029.
Fellow “Magnificent Seven” name Amazon also supported the market, with shares rallying more than 5% after the company reached a $38-billion deal with OpenAI, a partnership that will utilize hundreds of thousands of Nvidia’s GPUs.
More than 300 S&P 500 companies have posted third-quarter results thus far. Of those, over 80% have beaten expectations. Wall Street will get another 100-plus companies reporting this week, including AI-related names Palantir and AMD.
Wall Street may get a seasonal boost this month. Data from the Stock Trader’s Almanac shows the S&P 500 averages a 1.8% gain in November, making it the strongest month historically for the benchmark.
Prices for the 10-year Treasury sagged Monday, raising yields to 4.10% from Friday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices dropped 11 cents to $60.87 U.S. a barrel.
Gold prices grabbed $35.20 to $4,031.70 U.S. an ounce.
