Tech Stocks Rally: S&P 500 and Nasdaq Rebound After AI Selloff
The S&P 500 and the Nasdaq recovered from a recent dip, driven by stabilizing technology stocks. The surge followed last week's AI-triggered selloff. Key drivers included software companies rebounding, Oracle's upgrade, and comments from Sam Altman about ChatGPT's growth. Investors are eager for upcoming economic data, which will inform future Federal Reserve interest rate decisions.
The S&P 500 and Nasdaq staged a recovery on Monday as technology stocks bounced back following a tumultuous AI-induced selloff last week. Tech stocks, including major players like Oracle and Microsoft-backed OpenAI, found solid footing, reassuring investors.
Oracle saw a significant rise after receiving an upgrade to 'buy' from 'neutral' by D.A. Davidson. Sam Altman, CEO of OpenAI, reportedly cited a resurgence in ChatGPT's monthly growth, contributing to tech sector confidence. This positive swing came as crucial economic data awaited，which could provide insights on the Federal Reserve's interest rate trajectory.
Investors are poised for the imminent January nonfarm payrolls report and the Consumer Price Index. These reports will heavily influence the market's expectation of an interest rate cut in June. Meanwhile, corporate movements also stirred the market, with significant changes in companies like Workday and Kroger.
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