S&P 500 and Dow Jones Industrial Average edged higher on Monday as chipmakers and technology stock rose at the opening bell.
The S&P 500 rose over 0.74%, whereas the tech-heavy Nasdaq Composite and Dow Jones rose 1.77% and 0.33%, respectively, to begin another shortened week. The markets will be closed on Thursday to mourn the death of former President Jimmy Carter.
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The jump in the benchmark indices came after a report in the Washington Post said that aides of President-elect Donald Trump are considering to narrow their import tariff plans.
In the early minutes of trading, seven of the 11 sectoral indices was trading in green. Information technology and communication services sectors were leading the surge while utility and real estate sectors were in negative.
Nvidia shares were up over 3% as the chip stocks rallied and offered a lift. This was after Foxconn announced record fourth-quarter revenue on Monday.
Boeing Co, Microsoft Corp., Apple Inc., Amazon.com Inc, Walt Disney Co., and Goldman Sachs Group Inc were amongst the other gainers for the day. On the other hand, Procter & Gamble Co., Johnson & Johnson and Coca-Cola Co. were amongst the losers.
As the US market opened, spot gold fell 0.56% to $2,625.54 an ounce. Crude oil prices rose, with the Brent trading 0.52% higher at $76.91 per barrel.
The Bloomberg Dollar Index fell 0.9%, with the British Pound rising 0.9% to $1.2536, while the Japanese yen rose 0.5% to 156.52 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 0.5% to $99,015.23.
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