Stocks moved higher on Monday as Wall Street kept a close eye on a crucial artificial intelligence conference and awaited new monetary policy guidance from the Federal Reserve.
The Dow Jones Industrial Average saw a gain of 130 points, or 0.3%, while the S&P 500 rose by 0.8% and the Nasdaq Composite advanced 1%.
Nvidia shares remained stable on the opening day of the company’s GTC Conference, where the chipmaker is expected to unveil its latest advancements in artificial intelligence. CEO Jensen Huang is scheduled to deliver a highly anticipated keynote address later in the day. Analysts raised their price targets as the conference kicked off, with Truist’s William Stein forecasting a 34% upside. The shares initially climbed as much as 4% on Monday morning.
Alphabet’s shares surged by 7%, marking their best performance in over a year, following a report by Bloomberg News that Apple was in discussions with Google to feature the company’s Gemini AI in iPhones.
These developments come on the heels of two weeks of tech-related losses for both the S&P 500 and Nasdaq Composite. The Dow Jones Industrial Average had also closed in the red for three consecutive weeks.
Source (CNBC)
