Another round of artificial intelligence excitement boosted the major indexes to fresh records on Monday.
The Dow Jones Industrial Average rose 66 points, or 0.1%. The S&P 500 was up 0.4%. The Nasdaq Composite was up 0.7%. All three built on last week’s record closing highs.
The yield on the 2-year Treasury note rose to just under 3.6%. The 10-year yield was up to 4.14%.
Enthusiasm for the iPhone 17 pushed Apple into the black year to date, while Nvidia and other artificial intelligence-linked stocks benefitted from news the AI chip titan plans to invest as much as $100 billion in OpenAI.
Oracle stock also continued its recent surge after a senior White House official said a joint venture would be formed to manage a new U.S. version of TikTok. Oracle would be among the investors in the venture and continue to provide cloud services for the U.S. app.
Stocks were mixed to start the day as Wall Street digested a wave of comments from Federal Reserve officials, including the newest Fed governor, Stephen Miran. The Trump ally argued interest rates should be two points lower, but his views didn’t seem to convince central bankers at last week’s Federal Open Market Committee meeting.
Traders see a 73.6% chance that interest rates end the year a half-point lower, and a 24.6% chance of just one more quarter-point cut this year, according to the CME FedWatch Tool.
Fed Chairman Jerome Powell is among the speakers slated for tomorrow.