Kicking off the week with fervor, Wall Street showcased robust gains across major U.S. indices, reflecting investor faith in the ongoing ascension of AI-powered stocks.
The S&P 500 surged nearly 1%, while the Nasdaq 100, tilted towards technology, staged an even more pronounced rally, breaching the 18,000-point threshold with a 1.3% climb. Blue-chip equities saw a modest uptick of 0.4%, and small-cap stocks experienced a minor dip.
The day’s highlight revolved around the potential AI collaboration between Alphabet Inc. (GOOGL) and Apple Inc. (AAPL), unfolding further in this analysis.
Investors eagerly await the unveiling of insights into the next-generation AI chip from Nvidia Corp. (NVDA) at the annual GPU Technology Conference (GTC 2024) on Monday. Analysts and industry experts widely expect significant revelations.
Simultaneously, Treasury yields continued their upward trajectory, with the 10-year note exceeding 4.33%, set to close at levels not seen since late November 2023.
Oil prices maintained their robust momentum, with West Texas Intermediate (WTI) crude ascending by 1.4% to approach $82 per barrel.
Bitcoin (BTC/USD) dipped 2% to $67,000, while gold edged up 0.2% to $2,160 per ounce.
Analysis of Major US Indices and ETFs Performance on Monday
| Major Indices | Price | 1-Day Chg% |
| Nasdaq 100 | 18,037.86 | 1.3% |
| S&P 500 | 5,165.42 | 0.9% |
| Dow Jones | 38,906.01 | 0.5% |
| Russell 2000 | 2,044.23 | -0.1% |
The SPDR S&P 500 ETF Trust (SPY) soared 0.8% to $513.59, the SPDR Dow Jones Industrial Average (DIA) rose 0.4% to $388.30, and the tech-heavy Invesco QQQ Trust (QQQ) surged 1% to $438.11, as per Benzinga Pro data.
In sector performance, the Communication Services Select Sector SPDR Fund (XLC) emerged as the top gainer, advancing 1.8%, while the Real Estate Sector SPDR Fund (XLRE) lagged, slipping 0.2%.
Action Among Monday’s Key Stocks
- Tesla Inc. (TSLA) surged nearly 6%, leading the S&P 500 and Nasdaq 100 after announcing price increases for its Model Y in the U.S. and Europe.
- PepsiCo Inc. (PEP) rose over 4% following bullish sales forecasts from Morgan Stanley analysts, on track for its strongest daily performance since April 2020.
- HashiCorp Inc. (HCP) climbed over 6% on news of a potential sale.
- Science Applications International Corp. (SAIC) encountered a nearly 10% dip after falling short of earnings predictions.
- Shift4 Payments Inc. (FOUR) declined 9% following remarks from its CEO regarding undervalued buyout bids.
- Anticipated earnings reports after market close include Embraer S.A. (ERJ) and StoneCo Ltd. (STNE).
Dig deeper: Fed Meeting Preview: These 2 Wall Street Analysts Still Expect 3 Cuts In 2024, But Bond Market Reflects Growing Uncertainty
Image created using artificial intelligence with Midjourney.