U.S. Stocks Up Firmly; Tech Stocks Rally On Renewed Optimism Surrounding AI
(RTTNews) - U.S. stocks are up firmly in positive territory a little past noon on Monday, supported by lower Treasury yields and easing concerns about inflation due to a sharp drop in oil prices.
Oil prices fell sharply on hopes the diplomatic efforts by U.S. and Iran will help de-escalate tensions in the Middle East. Yield on 10-year US bond dropped below the 5 percent mark.
Tech stocks are up amid renewed optimism about outlook for large AI hyperscalers. Energy stocks are under pressure.
The major averages are all up with solid gains. The Dow is up 297.27 points or 0.58 percent at 51,979.91. The S&P 500 is up 95.95 points or 1.25 percent at 7,746.45, while the Nasdaq is up 489.84 points or 1.85 percent at 27,012.39.
Advanced Micro Devices (AMD), Seagate, Intel, Western Digital and Marvell are gaining 7%-14%. Meta is rising by about 8%, riding on strong response to its Muse AI agent.
Warner Bros Discovery is soaring nearly 10%. Moderna is surging 9.5 percent after announcing that three abstracts on intiseran autogene, and investigational mRNA-based individualized neoantigen therapy, have been accepted for presentation at the European Society for Medical Oncology Congress.
Qualcomm, Datadog, Synopsis, United Airlines Holdings, Accenture, International Paper, Tesla, Netflix, Equinox, GoDaddy, General Motors, Micron Technology, Carnival and Dollar Tree are also up with strong gains.
CRH, United Parcel Service, HP, FedEx, Exxon Mobil, Occidental Petroleum, Marathon Petroleum, Valero Energy, eBay and Chevron are down sharply.
Canadian Stocks Mixed In Cautious Trade
Yen Slides Against Majors
U.S. Dollar Falls Against Majors
Bay Street Likely To Open On Positive Note
Wall Street Likely To Open On Firm Note
FTSE 100 Climbs Higher Amid Oil Decline, U.K. Housing Recovery
CAC 40 Climbs As Oil Prices Fall On Middle East Diplomatic Hopes
