Wall St rallies after last week's AI rout; Nvidia falls
SPY•Wall Street's main indexes rose on Monday, with the Dow up 1.27%, the S&P 500 up 1.48% and the Nasdaq up 1.87%. Nvidia fell 5.6% as questions persisted over claims that CEO Jensen Huang had been targeted by a foreign intelligence effort.
1. Indexes rebound
Wall Street's main indexes climbed on Monday as investors attempted to shake off last week's AI-related selloff. At 9:46 a.m. ET, the Dow was up 1.27% at 51,938.22, the S&P 500 gained 1.48% to 7,485.67 and the Nasdaq rose 1.87% to 25,038.34.
2. Nvidia declines
Nvidia shares fell 5.6% after an internal investigation into whether CEO Jensen Huang had been targeted by a foreign intelligence effort raised questions about his future at the AI chipmaker. Some chipmakers advanced, including Marvell Technology, up 5%, and Broadcom, up 6.5%.
3. Investors await data
Investors were looking for more clarity on the AI selloff and awaiting October consumer price data due Tuesday. Economists polled by Reuters expected a 2.7% year-over-year increase, while fears of a December rate hike persisted after stronger-than-expected October jobs data. KKR rose 1% after quarterly profit reached a record high.
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