Tech Stocks Rebound as Markets Await Key Economic Data
The S&P 500 and the Nasdaq experienced gains, driven by a resurgence in technology stocks following last week's AI-induced downturn. Key contributors included Oracle's performance after an upgrade and comments from OpenAI's CEO. Investors are now focused on forthcoming economic data to gauge the Federal Reserve's interest-rate strategy.
Technology stocks showed solid recovery, propelling the S&P 500 and Nasdaq higher after a recent slump due to AI concerns. Oracle, a notable performer, surged by 9.6% following an upgrade, while comments from OpenAI's CEO provided further optimism in the tech sector.
Investors are eager for upcoming economic indicators that might influence the Federal Reserve's interest-rate decisions. The Dow continued its upward trajectory with a slight gain, although the S&P 500 fell short of its previous record close. In particular, software and semiconductor sectors drove the day's progress.
The market awaits critical data, including the delayed January nonfarm payrolls and Consumer Price Index reports. A potential interest-rate cut in June could coincide with Kevin Warsh's anticipated appointment as Fed chair. Meanwhile, the S&P 500 and Nasdaq recorded numerous new highs and lows in a day marked by relatively light trading volume.
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