Equities end higher as Anthropic's IPO filing buoys AI stocks
SPY•U.S. stocks closed higher, with the S&P 500 up 0.70% and Nasdaq up 0.83%, as Anthropic's IPO filing lifted AI-related shares. The Dow gained 0.28%.
1. Stocks rise on AI optimism
U.S. stocks closed higher on Monday as Anthropic's IPO filing helped boost sentiment in AI-related shares. The Dow rose 0.28% to 52,361.58, the S&P 500 gained 0.70% to 7,676.77 and the Nasdaq Composite advanced 0.83% to 26,169.38.
2. Chip stocks lead gains
The Philadelphia semiconductor index climbed 2.8%, though it remained down 12.2% for the month. Lumentum gained about 8% and Coherent rose 6%; the S&P 500 technology sector advanced 1.5%. Tesla rose 5.2% after Barclays upgraded its rating to overweight from equal-weight.
3. Earnings and Fed ahead
Anthropic's filing disclosed steep losses and rapid revenue growth, while outlining its ambition to develop AI systems. Investors are also watching the Federal Reserve's policy decision Wednesday and earnings from more than a third of S&P 500 companies this week, including Alphabet, Microsoft and Amazon.
