Wall St rises as Anthropic's IPO filing sharpens focus on AI trade
SPY•Wall Street’s main indexes rose on Monday, with the Dow up 0.45%, the S&P 500 up 0.57% and the Nasdaq up 0.46%, as investors assessed Anthropic’s IPO filing and prepared for major earnings and the Federal Reserve’s rate decision.
1. Indexes edge higher
Technology shares led Wall Street higher on Monday. At 9:55 a.m. ET, the Dow was up 0.45%, the S&P 500 had gained 0.57% and the Nasdaq was up 0.46%; 10 of the 11 S&P 500 sectors traded higher.
2. AI spending in focus
Anthropic disclosed steep losses and rapid revenue growth in its US IPO filing, as investors scrutinize the returns on AI spending. Alphabet, Microsoft and Amazon are due to report earnings this week. Meta said it plans to raise up to $95 billion in equity for AI-related expansion, and its shares were down 1.8%.
3. Rate decision ahead
The Federal Reserve is widely expected to hold rates steady on Wednesday. September’s Personal Consumption Expenditures index and third-quarter GDP, expected to show 3.2% growth, are due Thursday. Tesla rose 5.9% to a more than three-month high after Barclays upgraded the stock to overweight.
