US Stock Markets Today: Nasdaq Edges Higher As AI Stocks Nvidia, Oracle Jump In Early Trade
US Stock Markets Today: Nvidia rose over 2%, and Oracle was up nearly 1% in early trade.
The Wall Street opened higher on Monday, with stocks of AI players like Oracle and Nvidia jumping in early trade. Minutes into the trade, the Dow Jones Industrial Average rose 80.64 points or 0.17%, S&P 500 also rose over 0.39%, and Nasdaq was up 0.66%. Nvidia rose over 2%, Oracle was up nearly 1%.
US stocks fell last week amid uncertainty surrounding the AI stocks. The S&P and Nasdaq posted its worst weekly performance since early August. Dow Jones also posted is first loss in over three weeks. However, the indices marked some recovery on Friday.
Global stocks are poised to extend their rally through year-end, driven by a resilient US economy, supportive valuations and a more dovish Fed stance, Goldman Sachs Group Inc. strategists told Bloomberg.
“Good earnings growth, Fed easing without a recession and global fiscal policy easing will continue to support equities,” a team led by Christian Mueller-Glissmann wrote in a note said Bloomberg. “With anchored recession risk, we would buy dips in equities into year-end.”
In the early minutes of trading, four of the 11 sectoral indices was trading in green. Energy sector led the decline, while information technology sector was in green.
Walt Disney Corp., Microsoft Corp. and Walt Disney Co. were amongst the gainers for the day. On the other hand, Boeing Co., McDonald's Corp., Apple Inc., Intel Corp. were in the red.
As the US market opened, spot gold rose 1.6% to $3,821.73 an ounce after hitting record high. Crude oil prices rose, with the West Texas trading 2.6% lower at $64.04 per barrel.
The Bloomberg Dollar Index fell 0.3%, with the British Pound rising 0.3% at $1.3446 and the Japanese yen at 148.67 per dollar. Bitcoin, the largest traded cryptocurrency was up 1.2% at $112,217.39.
