S&P 500 closes higher as AI leader Nvidia rebounds, EA surges on takeover
The S&P 500 rose on Monday as Wall Street regained some of its footing after a week in which the artificial intelligence trade lost a bit of steam.
The broad market index climbed 0.26% to finish at 6,661.21, and the Nasdaq Composite advanced 0.48% to close at 22,591.15. The Dow Jones Industrial Average settled up 68.78 points, or 0.15%, at 46,316.07.
AI chip darling Nvidia saw gains after skepticism around the AI trade put pressure on the broader stock market last week. Some traders even questioned whether there was enough energy to power an infrastructure plan between Nvidia and OpenAI. Nvidia closed around 2% higher. Other AI stocks like Advanced Micro Devices and Micron Technology added more than 1% and more than 4%, respectively.
Shares of Electronic Arts jumped 4.5% after the video game company announced that it’s going to be taken private in a $55 billion deal. U.S. mergers and acquisitions that have been announced have surpassed $1 trillion this year, up 29% from the same time a year ago, according to Goldman Sachs.
Last week’s cracks in the enthusiasm surrounding the AI buildout — a key pillar of the bull market rally — sent U.S. stocks into the red, with the S&P 500 recording its worst weekly performance since Aug. 1. The Nasdaq also posted its weakest week since early August, and the Dow suffered its first loss in three weeks.
Source : Cnbc.com
