Wall Street opened higher on Monday, led by rally in tech stocks. The S&P 500 and Nasdaq Composite advanced over 1%. The 30-stock Dow Jones Industrial Average traded 167 points higher, or 0.4%.
Minutes into the trade, the tech-heavy Nasdaq Composite clocked a high of 22,673, marking a surge of nearly 1.8% as against the previous session's close.
Four of the eleven sectoral indices on the S&P 500 were trading in green led by information technology and consumer discretionary. Energy and consumer staples fell the most.
Among major companies, shares of chipmaker Micron Technologies, Google parent Alphabet, Tesla and Dell Technologies surged the most. Starbucks was down nearly 3%.
Alphabet saw a boost as investors grew optimistic about the company’s standing in the artificial intelligence race. Google last week announced its upgraded AI model, Gemini 3. The stock gained as much as 5.6%.
The markets also reacted to Federal Reserve Governor Christopher Waller indicating support for an interest-rate cut next month. New York Fed President John Williams had a similar impact on the market on Friday after he said a near-term rate cut remains a possibility.
While the central bank’s December meeting is the next big milestone for markets, investors are relying on dated economic data due to delays caused by the US shutdown.
The yield on the 10-year Treasury bond was down 2 basis points at 4.05%.
The US dollar index was unchanged at 100.14. The yen was down 0.4% and pound traded nearly 0.1% lower. The euro gained over 0.1%.
Spot gold prices fell 0.3% to $4,064.77 an ounce.
International benchmark Brent oil was dwn 0.3% to $62.4 per barrel as traders weighed the prospect of a Ukraine-Russia peace deal.
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