The S&P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week's economic data and Federal Reserve officials' speeches that could shed light on monetary policy.
Market Snapshot
The Dow Jones Industrial Average rose 188.94 points, or 0.49%, to 38,778.10. The S&P 500 climbed 41.63 points, or 0.77%, to 5,473.23 and the Nasdaq Composite advanced 168.14 points, or 0.95%, to 17,857.02.
Market Movers
Megacaps Apple and Microsoft rebounded from early losses to end 1.97% and 1.31% higher respectively. Tesla stock jumps 5.3%.
Apple shares extended their rally from last week when the company announced new AI features meant to rekindle demand for iPhones.
"This is continuing to be driven by AI," said J. Bryant Evans, investment advisor and portfolio manager at Cozad Asset Management in Champaign, Illinois.
Broadcom and U.S.-listed shares of Taiwan Semiconductor Manufacturing Co were up 5.41% and 2.74% respectively while Micron Technology rose 4.58% after price-target raises by brokerages.
The Philadelphia SE Semiconductor index hit an all-time high even as artificial intelligence chip leader Nvidia retreated from a record high to lose 0.66%.
Autodesk jumped 6.48% after a report that activist investor Starboard Value had bought a roughly $500 million stake in the software maker.
Market News
Apple to Discontinue 'Buy Now, Pay Later' Service in US as It Plans New Loan Program
Apple on Monday said it will discontinue its "buy now, pay later" (BNPL) service in the United States as it launches a new loan program.
Users will be able to access installment loans offered through credit, debit cards and lenders when checking out with Apple Pay, starting later this year, the company said in a statement.
"This solution will enable us to bring flexible payments to more users, in more places across the globe in collaboration with Apple Pay-enabled banks and lenders," the company said.
US Supreme Court to Hear Nvidia Bid to Scuttle Shareholder Lawsuit
The U.S. Supreme Court agreed on Monday to hear a bid by Nvidia to scuttle a securities fraud lawsuit accusing the artificial intelligence chipmaker of misleading investors about how much of its sales went to the volatile cryptocurrency industry.
The justices took up Nvidia's appeal made after a lower court revived a proposed class action brought by shareholders in California against the company and its CEO Jensen Huang. The suit, led by the Stockholm, Sweden-based investment management firm E. Ohman J:or Fonder AB, seeks unspecified monetary damages.
US Sues Photoshop Maker Adobe for Hiding Fees, Making It Difficult to Cancel
The U.S. government sued Adobe on Monday, accusing the Photoshop and Acrobat maker of harming consumers by concealing hefty termination fees in its most popular subscription plan, and making it difficult to cancel subscriptions.
In a complaint filed in the San Jose, California, federal court, the Federal Trade Commission said Adobe buries the fees, which sometimes reach hundreds of dollars, and other important terms in its "annual paid monthly" subscription plan in the fine print, or behind textboxes and hyperlinks.
Trade US Stocks 24/5 with Tiger Trade!
Comments