The S&P 500 rose 0.8%, the Nasdaq rose 0.6%, and the Dow Jones Industrial Average added 300 points, with technology stocks outperforming after reports that Nvidia (+1.5%) plans to begin shipping its H200 AI chip to China in mid-February. Meanwhile, Oracle added 3.2% and Micron Technology grew 4%.
The energy sector also saw gains, with leading stocks like Exxon Mobil and Chevron rising 1.3% and 1.4%, respectively, as oil prices rallied on renewed supply concerns related to US action against Venezuela, while non-essential consumer goods and materials sectors posted modest gains.
These gains came as investors continued to digest the latest US jobs data, which showed weaker hiring and an increase in unemployment to 4.6%, reinforcing expectations that the Federal Reserve will begin cutting interest rates next year. Trading conditions remain thin ahead of Christmas, with attention turning to the release of delayed US data later this week, including the second estimate of GDP, for confirmation that growth is slowing without a sharp decline. (alg)
Source: Trading Economics
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