Benzinga - by Piero Cingari, Benzinga Staff Writer.
Wall Street started the new week on a strong footing, as all major U.S. indices displayed gains during midday trading on Monday, highlighting investor confidence in the continued growth of AI-driven stocks.
The S&P 500 surged by almost 1%, while the tech-skewed Nasdaq 100 staged an even stronger rebound, climbing 1.3% beyond the 18,000-point mark. Blue-chip stocks saw a modest uptick of 0.4%, while small-cap stocks experienced a slight dip.
The major highlight of the day centered around the prospective AI agreement between Alphabet Inc. (NASDAQ:GOOGL) and Apple Inc. (NASDAQ:AAPL), with further details provided in this article.
Investors are eagerly anticipating the market-shaping event of Nvidia Corp.’s (NASDAQ:NVDA) annual GPU Technology Conference (GTC 2024) on Monday. The majority of analysts and industry observers anticipate the company to unveil insights into its highly anticipated next-generation AI chip.
Meanwhile, Treasury yields continued their upward trajectory, with the 10-year note surpassing 4.33%, poised to conclude the day at its highest levels since late November 2023.
Oil prices maintained their robust market momentum, with West Texas Intermediate (WTI) crude climbing by 1.4% to nearly $82 per barrel.
Bitcoin (CRYPTO: BTC) was 2% lower to $67,000, while gold inched 0.2% higher to $2,160/oz.
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-Day Chg% |
| Nasdaq 100 | 18,037.86 | 1.3% |
| S&P 500 | 5,165.42 | 0.9% |
| Dow Jones | 38,906.01 | 0.5% |
| Russell 2000 | 2,044.23 | -0.1% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.8% higher to $513.59, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.4% to $388.30, while the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rallied 1% to $438.11, according to Benzinga Pro data.
Sector-wise, the Communication Services Select Sector SPDR Fund (NYSE:XLC) , was the top performer for the day, up 1.8%, while the Real Estate Sector SPDR Fund (NYSE:XLRE) was the laggard, down 0.2%.
Monday’s Stock Movers
- Tesla Inc. (NASDAQ:TSLA) rose nearly 6%, marking the best performance in the S&P 500 and Nasdaq 100 for the day, after the EV company announced price hikes for its Model Y in the U.S. and Europe.
- PepsiCo Inc. (NASDAQ:PEP) rose over 4%, on track for the strongest daily performance since April 2020, following a bullish note from Morgan Stanley analysts predicting rising sales this year.
- HashiCorp Inc. (NASDAQ:HCP) rose over 6% on reports that the company is considering a sale.
- Science Applications International Corp. (NASDAQ:SAIC) fell nearly 10% after missing earnings forecasts.
- Shift4 Payments Inc. (NYSE:FOUR) fell 9% after its CEO said that buyout bids inadequately valued the company.
- Companies expected to report earnings after market close include Embraer S.A. (NYSE:ERJ) and StoneCo Ltd. (NASDAQ:STNE).
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