At the beginning of a week shortened by the holiday, US stocks experienced an upward trend. The S&P 500 increased by 0.4%, the Nasdaq saw a rise of 0.5%, and the Dow Jones climbed by nearly 170 points. The energy sector spearheaded market gains, bolstered by ascending oil prices amidst escalating US-Venezuela tensions. Additionally, consumer discretionary and materials stocks improved, as did technology shares—particularly those related to artificial intelligence—which continued their rebound from last week. Strengthened confidence in economic prospects and corporate earnings further buoyed market sentiment. Conversely, the utilities sector lagged behind as the worst performer. Investors are also anticipating economic data due tomorrow, which includes the second estimate of GDP growth. Major stocks showed varied performances; Nvidia increased by 1.3%, Micron Technology climbed 2%, and Oracle rose 1.4%. Other large-cap stocks displayed mixed results, with Amazon up 0.2%, Meta rising 1.9%, and Tesla advancing 2.7%, whereas Microsoft fell by 0.5%, Apple dipped 0.2%, Alphabet decreased 0.2%, and Broadcom slipped 0.4%.
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