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Stocks rose Monday, led by gains in Nvidia, as Wall Street awaited a key artificial intelligence conference and looked ahead to monetary policy guidance from the Federal Reserve later this week.
The Dow Jones Industrials surged 133 points to begin the week at 38,847.77.
The S&P 500 index captured 54.77 points, or 1.1%. to 5,171.85.
The NASDAQ popped 265.11 points, or 1.7%, to 16,238.28.
Nvidia shares were up 3% ahead 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 of Alphabet rose 7% in their best day in over a year, after Bloomberg News reported that Apple was in talks with Google to include the company’s Gemini AI in iPhones.
Super Micro Computer slid 2% on the company’s first trading day as part of the S&P 500. It had earlier climbed 6%.
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 47 cents to $81.51 U.S. a barrel.
Gold prices grabbed a dollar to $2,162.50.
