Stocks on the New York Stock Exchange rose on Monday as investors geared up for the Federal Reserve’s March policy meeting later in the week. Following hotter-than-expected inflation data from the Consumer Price Index, hopes around AI developments are keeping investors optimistic that interest rate cuts are still on the agenda this year.
The tech-heavy Nasdaq Composite jumped 0.8%, followed by the S&P 500 with a 0.6% gain. The Dow Jones Industrial Index edged 0.2% higher. This is a minor rebound following two weeks of losses following the release of hotter-than-expected inflation data.
Among the major movers was chipmaker Nvidia, which kicked off its annual developer conference on Monday. Google parent company Alphabet rose after reports arose of the company’s talks with Apple to integrate the Google Gemini AI engine into the iPhone.