- The US stock market opened higher on Monday, boosted by falling oil prices and Anthropic IPO enthusiasm
- The Dow Jones rose 212 points, or 0.4%, while the Nasdaq gained 0.4% and S&P 500 increased 0.3%
- Chipmakers and AI-linked stocks advanced after Anthropic filed for an initial public offering
The US stock market opened higher on Monday, as falling oil prices and increased enthusiasm around Anthropic IPO lifted sentiment. The Dow Jones added 212 points, or 0.4%. The Nasdaq Composite jumped 0.4%, while S&P 500 gained 0.3%.
Chipmakers and other artificial intelligence-linked stocks gained after Anthropic filed publicly for an initial public offering, raising hopes that the listing could revive a technology rally that has lost momentum. Nvidia shares rose 1.4%, while Micron advanced 2.3%. Broadcom gained 1.5% and Advanced Micro Devices climbed 1.3%.
Oil prices moved lower, with Brent crude futures falling 1.4% to $115.02 a barrel and US West Texas Intermediate declining 2% to $101.01 a barrel. Brent had climbed to its highest level since April last Friday, following reports that the US and Israel were considering strikes on Iran after the midterm elections.
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Wall Street ended last week on a weak note as rising oil prices triggered a broader sell-off across sectors. Both the S&P 500 and the Nasdaq recorded losses for a second consecutive week.
Neocloud stocks also came under pressure amid concerns that companies are taking on excessive debt to fund their artificial intelligence infrastructure expansion. The sell-off continued on Monday after Elon Musk warned that more than 200 firms in the sector faced "guppy-level death". CoreWeave shares fell 1.7%, while Nebius Group declined 3.7%.
Investors are now turning their attention to the Federal Reserve's policy decision due on Wednesday. Trading in fed funds futures indicates a roughly 90% probability that the central bank will leave interest rates unchanged in the current target range of 3.75% to 4%.
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