The U.S. stock market is ticking higher in mixed trading, led once again by big tech companies. The S&P 500 added 0.4 per cent Monday and was nearing its all-time high set last week, even though the majority of stocks within the index were falling.
The Dow Jones Industrial Average dipped 34 points, and the Nasdaq composite rose 0.9 per cent. Nvidia was the strongest force lifting the market, much as it has been throughout 2025.
Another AI winner, Palantir Technologies, also rose ahead of its earnings report. Kimberly-Clark fell after announcing a deal to buy rival Kenvue. Kenvue shares jumped 19 per cent on the news. Treasury yields were holding relatively steady.
Microsoft said it has entered into an approximately US$9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia’s chips. The five-year deal, which includes a 20 per cent prepayment, will help Microsoft as it looks to keep up with AI demand.
IREN shares soared more than 22 per cent before the opening bell, while Microsoft shares were effectively unchanged.
This week brings more earnings reports from high-profile companies including Spotify, Uber, McDonald’s and DoorDash.
Companies are facing pressure to deliver big growth in profits to justify the huge gains their stock prices have made since April and counter worries that the U.S. stock market has become too expensive.
In energy markets, crude prices rose and then fell as the United Arab Emirates opened a major oil summit Monday, just after the OPEC+ group of the cartel and its allies announced they would halt planned production increases for early 2026.
U.S. benchmark crude oil gave up its early gains, losing 16 cents to $60.82 per barrel. Brent crude, the international standard, shed 15 cents to $64.62 per barrel.
European benchmarks began the week with gains. Germany’s DAX climbed 1.1 per cent while London’s FTSE 100 edged 0.1 per cent higher and the CAC 40 in Paris was up 0.2 per cent.
In Asian trading, South Korea’s Kospi jumped 2.8 per cent to 4,221.87, yet another record close thanks to strong buying of tech-related and shipbuilders’ shares.
Computer chipmaker SK Hynix’s shares soared 11 per cent, helped by recent moves to team up with Nvidia in developing the country’s artificial intelligence infrastructure and capabilities. Samsung Electronics, the country’s biggest company, gained 3.4 per cent.
South Korean shipbuilders also logged gains after China said it would cancel added port fees on U.S.-invested or U.S. flagged vessels after U.S. President Donald Trump met last week with Chinese leader Xi Jinping.
Japan’s markets were closed for a holiday.
Chinese markets also gained. Hong Kong’s Hang Seng picked up one per cent to 26,158.36.
Gains for technology shares were offset by declines for gold shops like Chow Tai Fook Jewellery Group. Its stocks dropped 8.7 per cent after the Chinese government reduced the amount of tax rebates on sales of the precious metal. The rebates have been one factor behind a frenzy of gold purchasing that has helped push its price to record levels recently.
However, Chinese buying is just one reason for the rally in gold prices. Many investors have been investing in gold as a hedge against uncertainties and that includes central banks. Early Monday, the price of gold rose nearly 0.6 per cent to $4,020.30 per ounce. But that’s well below its recent record levels of near $4,400 an ounce.
The Shanghai Composite index rose 0.6 per cent to 3,976.52.
Taiwan’s benchmark Taiex picked up 0.4 per cent.
By Elaine Kurtenbach And Matt Ott, The Associated Press