Markets Stay Cautious as Investors Await Key Jobs and Inflation Reports
Stocks finished mixed on Monday as the S&P 500 advanced, powered by gains in technology shares.
Wall Street trading session showing the Dow Jones reaching a record high as technology and AI-linked stocks drive market optimism.
The Dow Jones Industrial Average closed at an all-time high as investors look forward to key economic data alongside another wave of corporate earnings after a choppy week for equities that ended with the 30-stock average hitting a major benchmark.
The broad index gained for the second consecutive day, adding 0.47% to close at 6,964.82. The blue-chip Dow added 20.20 points or 0.04% to close at 50,135.87. The Dow Industrials recorded an intraday all-time high and closing high. S&P 500 and Nasdaq futures slip 0.9% to close at 23,238.67.
Nvidiaand Broadcom were big gainers once again on Monday, building on Friday’s rally and climbing 2.5% and 3.3%, respectively. Oracle also saw its stock climb 9.6% on an upgrade to buy from neutral at D.A. Davidson as optimism around OpenAI and winners from the AI race continues.
Shares recover after last week’s losses. The Dow tops the 50,000 milestone for the first time in history on Friday after tumbling at the start of the week. Inflation (CPI) report anticipation was led by technology shares, particularly software. Bitcoin also took a nosedive on Friday but trimmed its losses during Monday’s session.
The chipmaker issued guidance for Q4 revenue and earnings that fell mostly in line with analyst estimates. Demand for its chips that help manage power consumption at artificial intelligence data centres has helped buoy the company’s sales, offsetting weak demand for electric vehicles in North America and Europe that has impacted automotive chip spending on its silicon carbide chips.
