Wall Street saw a higher open to the stock market this week, with US indices surging on Monday, on the back of a sharp decline in crude oil prices. Investors are also wary of technology stocks after last week's AI-driven volatility.
Dow Jones Industrial Average rose 1.2% or 600 points at open to 51,870, while S&P 500 rose 0.9% to 7,457. Meanwhile, the tech-heavy Nasdaq Composite gained 0.8%.
US West Texas Intermediate crude futures fell nearly 3% to around $88 a barrel, while international benchmark Brent crude declined more than 3% to about $95 a barrel.
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This follows a mixed session on Friday, when Wall Street recovered some ground after Thursday's sharp technology-led sell-off. The Nasdaq Composite rose 1.09%, while the S&P 500 gained 0.31%. The Dow Jones Industrial Average, however, fell 237.33 points, or 0.46%.
Nvidia was a notable exception to the broader technology rally. Its shares fell around 6% after the company announced an independent investigation into reports concerning Huang's relationship with Alice Huang, a former executive at Singapore-based Megaspeed. US intelligence agencies have reportedly suspected her of links to Chinese intelligence. The allegations remain disputed, while Nvidia's board has said it has no reason to believe company secrets or national security were compromised.
Other semiconductor stocks advanced. Broadcom and Advanced Micro Devices gained around 5% each, while ON Semiconductor rose 3%.
The broader rally also extended to other members of the so-called Magnificent Seven. Amazon gained 5%, while Tesla and Alphabet climbed more than 3% each. Microsoft added 2%, highlighting the divergence between Nvidia and other major technology stocks.
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