3 months ago
Big Tech Stocks Lead Market Rally
Big technology stocks were leading a broader market rally on Monday as investors reacted to the latest artificial intelligence buzz.
The Dow Jones Industrial Average was up 112 points, or 0.3%. The S&P 500 was up 1.1%. The Nasdaq Composite was up 1.7%.
Nvidia shares were up 3.1% ahead of CEO Jensen Huang's keynote speech at 4 p.m. ET at the firm's GTC conference. The event is being watched closely by traders for updates on the firm's chips used by AI startups. The other six “Magnificent Seven” megacap technology stocks were also rallying.
Alphabet A and C class shares were the S&P 500’s top performers following a report from Bloomberg that said the firm was discussing a deal with Apple that would use Google’s Gemini artificial intelligence engine in the iPhone. Tesla stock was up 3.9%, while Meta Platforms shares were up 1.4%. Shares of Amazon.com and Microsoft were up 1%.
Communication services, which includes Alphabet, and technology were the top performing S&P 500 sectors.
Despite strong performances from the kind of megacaps that led the first half of 2023’s top-heavy rally, the Invesco S&P 500 Equal Weight ETF was up 0.4% on Monday. About 324 stocks in the S&P 500 were rising on the day, signaling the rally was more than just tech. The S&P 500’s energy, utilities, and real estate sectors were the biggest laggards, all down more than 0.4%.
