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 146.04 points in the middle of the day to 38,860.81.
The S&P 500 index captured 46.38 points to 5,163.47.
The NASDAQ popped 196.19 points, or 1.2%, to 16,169.36.
Nvidia shares were up 0.8% on the first day 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 had earlier climbed as high as 4% on Monday morning.
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 7% on the company’s first trading day as part of the S&P 500. It had earlier climbed 6%.
Prices for the 10-year Treasury fell, raising yields to 4.34% from Friday’s 4.31%. Treasury prices and yields move in opposite directions.
Oil prices gathered $1.34 to $82.38 U.S. a barrel.
Gold prices let go of $1.40 to $2,160.10.
