U.S. stock indexes rose Monday, recovering from a recent holiday-season slump, according to the Associated Press. The S&P 500 gained 0.8%, the Dow Jones Industrial Average rose 0.3%, and the Nasdaq climbed 1.3% in early trading.
Tech stocks led the rally, driven by enthusiasm for artificial intelligence. Nvidia jumped 3.1% ahead of CEO Jensen Huang’s CES keynote, despite growing concerns that AI stocks may be in a bubble. Microsoft, up 1.1%, announced plans to invest $80 billion in AI-enabled datacenters this fiscal year, calling AI the biggest economic opportunity since electricity.
Uber surged 3.9% after accelerating $1.5 billion in stock buybacks, part of a $7 billion program, citing its undervalued stock price.
In other sectors, U.S. Steel rose 4.2% after filing a federal lawsuit with Japan’s Nippon Steel against President Biden’s decision to block their proposed $15 billion merger. The companies allege the decision was political and lacked evidence of security concerns.
Markets will close Thursday to honor former President Jimmy Carter with a National Day of Mourning. The week is still packed with key updates, including job openings and business health data Tuesday, Federal Reserve meeting minutes Wednesday, and Friday’s headline events: the monthly jobs report and consumer sentiment update.
