Stocks in New York climbed Monday, with tech gains driven by AI enthusiasm, despite caution before Wednesday’s Fed rate decision.
By the afternoon, the Dow Jones, S&P 500, and Nasdaq had all climbed, showcasing significant growth, particularly in the tech sector.
Nvidia’s conference kickoff and its expected chip announcements contributed to a 0.70% increase.
Alphabet’s discussions with Apple about integrating Google’s AI into iPhones drove its stocks up by 4.60%, with Apple also enjoying gains.
Louis Navellier, a noted CEO, remarked on the AI sector’s robustness, suggesting that the market’s vigor could be a sign of diminishing concerns over a potential bull market slowdown.
This optimism is partly due to anticipated Federal Reserve interest rate cuts.
However, not all news was positive. Electric vehicle startup Fisker’s shares dropped by 15% following a significant funding announcement and speculation of bankruptcy.
The company also reported a six-week production halt to the SEC.
Boeing faced a 1.47% drop after a technical issue with a United Airlines flight.
New York Community Bancorp’s shares fell 6.92% after Raymond James downgraded them, pointing to recent capital injection uncertainties.
This mixture of developments underscores the stock market’s dynamic nature, where technological advancements and strategic corporate maneuvers significantly influence investor sentiment and market trends.