Wall St eyes best day in a month as Anthropic's IPO filing propels AI stocks
SPY•The S&P 500 and Nasdaq were set for their biggest one-day gains in more than a month on Monday, rising 0.92% and 1.25%, respectively, after Anthropic's IPO filing refocused attention on AI. Chip stocks led gains as investors awaited earnings from major technology companies and the Federal Reserve's rate decision.
1. AI filing lifts technology shares
The S&P 500 and Nasdaq were on track for their biggest one-day gains in more than a month as technology stocks advanced after Anthropic's IPO filing put AI back in focus. Anthropic disclosed steep losses and rapid revenue growth in its filing, and said it aims to build AI systems capable of reshaping the global economy despite high development costs.
2. Chips lead market gains
The Philadelphia semiconductor index rose more than 3%. At 11:30 a.m. ET, the Dow was up 0.32%, the S&P 500 0.92% and the Nasdaq 1.25%. Tesla rose 6.3% to a more than three-month high after Barclays upgraded its rating to “overweight” from “equal-weight.”
3. Earnings and Fed in focus
About a third of S&P 500 companies are scheduled to report earnings this week, including Alphabet, Microsoft and Amazon, as investors assess whether AI spending is translating into growth. The Federal Reserve's rate decision is due Wednesday, with a pause widely expected; September's Personal Consumption Expenditures inflation gauge and third-quarter GDP data are due Thursday.
