Artificial Intelligence Deals Fuel Market Gains Amid Economic Uncertainty
The S&P 500 and Nasdaq saw gains driven by AI-related deals despite unclear monetary policy and scarce economic data. Amazon's collaboration with OpenAI and Nvidia's restricted chip exports contributed to the rally. Meanwhile, conflicting Fed views and a significant acquisition by Kimberly-Clark stirred investor attention.
The S&P 500 and Nasdaq Composite climbed higher on Monday, led by artificial intelligence deals, particularly Amazon's collaboration with OpenAI on AWS cloud services. As the Federal Reserve's monetary policy remains uncertain, technology companies were significant drivers behind the market's upswing.
Despite gains in tech, healthcare stocks like UnitedHealth Group and Merck kept the Dow Jones Industrial Average in negative territory. Nvidia's shares rose following President Donald Trump's decision to restrict the export of the AI firm's advanced chips to China.
The ongoing government shutdown and lack of economic data contributed to differing opinions among Fed officials regarding rate cuts. Concurrently, Kimberly-Clark's acquisition of Tylenol maker Kenvue for over $40 billion made headlines, adding to the financial markets' volatility.
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