The main US stock market indices opened higher ahead of the release of Federal Reserve minutes of the meeting on Wednesday. Shares of bellwether tech giant Nvidia Corp also jumped in the early minutes of trade.
S&P 500 opened 0.18% or 12.02 points higher at 6,855.24, tech-heavy Nasdaq Composite opened 0.17% or 39.27 points higher at 22.617.65, and Dow Jones Industrial Average opened 0.16% or 80.30 points higher at 49,613.49.
As of 10:15 a.m. EST Nasdaq surged over 1% to 22,830.73, S&P 500 traded 0.76% higher at 6,895.19, and Dow Jones traded 0.61% higher at 49,840.97.
Nvidia shares jumped 2% on the back of Meta announcing that it is going to use millions of Nvidia's chips in its data center buildout on Tuesday.
Most of the magnificent seven stocks also rose, with Tesla Inc. trading over 1% higher at $414.32, Apple Inc. rising 0.42% to $265, Google-parent Alphabet Inc. trading 0.57% higher at $303.74, and Microsoft Corp. rising 0.76% to $399.89. Only Meta Platform Inc.'s stock fell 0.14% to trade at $638.40.
After the market opened, six out of the 11 sectoral indices traded lower, while five of them gained. Of these, Utilities sector and Real Estate sector were the heaviest draggers, while Energy and Financials sectors led the gains.
Among commodities, spot gold prices rose 2.17% to $4,983.04 an ounce. Crude oil prices also rose with West Texas Intermediate trading 3.44% to $64.40 a barrel, and global benchmark Brent Crude trading 3.03% higher at $69.50 a barrel.
The Bloomberg Dollar Spot Index strengthened against global currencies and rose 0.3%. The euro fell 0.3% to $1.1819, British pound fell 0.2% to $1.3539 and, Japanese yen fell 0.7% to 154.35 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 0.8% to $67,118.63.
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