The Nasdaq Composite rallied Monday as Tesla shares surged and Wall Street braced for major market-moving earnings reports.
The Nasdaq advanced 0.3%, while the Dow Jones Industrial Average
fell 60 points, or 0.1%. The S&P 500 edged up 0.1%.
Tesla spearheaded the tech-heavy index's rally, popping 8% amid a Bloomberg News report, citing sources, that President-elect Donald Trump's team is working on ways to ease regulation on self-driving vehicles. Elsewhere, Apple and Netflix rose about 2%, while Advanced Micro Devices surged nearly 4%.
Wednesday's report from the AI chip darling Nvidia
remains top of mind for investors, and could serve as the next major catalyst as traders search for signs of resilient demand for its Blackwell AI chips. Shares slipped 3% after The Information reported that the chips overheat when connected together in servers, citing sources.
"The star this week is our friend Nvidia," said Kim Forrest, chief investment officer at Bokeh Capital Partners, she said highlighting its important to all the key indexes with its recent inclusion in the Dow. "Unless some information comes out before then, the market is going to wait and see what's going on with Nvidia."
Beyond Nvidia, investors await a batch of earnings from key retailers, which could offer greater insight into the health of the economy and consumer spending. About 93% of S&P 500 companies have reported results so far. More than 74% have topped earnings expectations and 62% have surpassed revenue estimates, according to FactSet.
Monday's moves follow a tough week for the three major benchmarks, now off the highs seen in the aftermath of Trump's election victory. That sell-off was driven by concerns about the path for interest rates after Federal Reserve Chair Jerome Powell said that the central bank is not "in a hurry" to cut rates given the economy's strong growth and a solid labor market.(cay)
Source: CNBC
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