Equities found relief from the previous week’s downturn on Monday as major tech companies surged following significant product unveilings by industry leaders like Apple and Nvidia, just ahead of tomorrow’s Consumer Electronics Show.
The Nasdaq Composite ascended by 2.2%, marking its most robust performance since November, while the S&P 500 saw a 1.4% increase. The Dow Jones Industrial Average also saw a rise of 0.6%.
Nvidia (NVDA) achieved a record high following the introduction of novel AI chips tailored for personal computers. Conversely, Boeing (BA) plummeted subsequent to the Federal Aviation Administration’s directive for U.S. airlines to temporarily ground over 170 Boeing 737 Max 9 jets.
Bitcoin momentarily crossed the $47,000 mark as investors awaited the Securities and Exchange Commission’s verdict on a spot Bitcoin ETF, scheduled for Wednesday. Oil prices experienced a decline after Saudi Arabia slashed the price on February crude oil orders.
This week, investors anticipate December’s inflation figures, with forecasts indicating a slowdown in core inflation alongside a marginal increase in headline inflation. Moreover, the initiation of earnings season by major banks JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) is set for Friday.
Stocks concluded a nine-week winning streak last week, impacted by a sell-off that particularly affected the high-flying tech stocks of 2023.