Tech Giants Propel S&P 500 and Nasdaq Amid Monetary Uncertainty
The S&P 500 and Nasdaq rose due to AI-related deals, while a potential Fed rate cut remains unclear amid limited economic data. Kimberly-Clark's acquisition of Kenvue for over $40 billion contrasted with tech gains. Amazon, Nvidia shares surged; Trump on AI chips influenced markets.
The S&P 500 and Nasdaq saw gains on Monday, largely driven by artificial intelligence-related deals, despite an uncertain Federal Reserve monetary policy outlook due to limited economic data.
Boosting the Nasdaq, Amazon struck a $38 billion deal with OpenAI to enhance its AI operations, driving Amazon's stock up by 4.4%. Nvidia shares also saw an increase after former President Donald Trump's announcement that its advanced microchips would be reserved for U.S. companies.
However, Kimberly-Clark's $40 billion deal to acquire Kenvue led to a 14.0% drop in its shares, while materials showed the largest declines among sectors. The Fed's next policy move remains ambiguous, with differing opinions among members on potential rate cuts.
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