Nasdaq climbs over 1% as AI-linked stocks recover ahead of key earnings
SPY•The Nasdaq rose 1.78%, the S&P 500 gained 0.89% and the Dow added 0.18% as AI-linked stocks recovered ahead of corporate earnings. Brent crude fell 1.7% to around $108 a barrel.
1. AI shares rebound
The Nasdaq led Wall Street higher as investors returned to AI-related stocks after last week’s selloff. CoreWeave gained 3.1% after Goldman Sachs upgraded it to “buy” from “neutral,” calling the recent decline a buying opportunity; Broadcom rose 3.2% and Micron climbed 5.3%.
2. Earnings and other movers
Investors turned their attention to a busy earnings week, with Meta and Tesla results expected Wednesday. Amazon rose 5.2% after Morgan Stanley named it its “top pick,” Intel gained 5.8% after J.P. Morgan upgraded it to “neutral,” and Cleveland-Cliffs surged 15.6% after beating analysts’ third-quarter profit estimate.
3. Market figures
At 11:42 a.m. ET, the Dow was up 0.18% at 52,093.44, the S&P 500 had gained 0.89% to 7,727.91, and the Nasdaq was up 1.78% at 26,603.96. Brent crude was down 1.7% at around $108 a barrel.
