NEW YORK — Rising technology stocks helped U.S. indexes recover more of their holiday-season slide that bridged the new year. The S&P 500 climbed 0.6% Monday, its second straight gain following five straight losses. The Dow Jones Industrial Average lost an early gain to slip 0.1%, and the Nasdaq composite rose 1.2%. Nvidia was the strongest force lifting the S&P 500 ahead of a speech by CEO Jensen Huang at the annual CES convention in Las Vegas after trading ends for the day.
Nvidia and other AI stocks keep climbing even as criticism rises that their stock prices have already shot too high, too fast. Despite worries about a potential bubble, the industry keeps talking up its potential. In the old economy, U.S. Steel climbed 6.7% after it and Japan’s Nippon Steel filed a federal lawsuit challenging President Joe Biden’s decision to block a proposed nearly $15 billion deal for Nippon to buy its Pittsburgh-based rival.
But the calendar is nevertheless packed with potentially market-moving events. Tuesday will deliver the latest updates on monthly job openings advertised by U.S. employers and on the health of businesses in the services industries. On Wednesday, the Federal Reserve will release the minutes from its last policy meeting, where it cut its main interest rate for a third straight time but hinted fewer reductions may come in 2025.
“Business activity in the vast services economy surged higher in the closing month of 2024 on fuller order books and rising optimism about prospects for the year ahead,” according to Chris Williamson, chief business economist at S&P Global Market Intelligence.
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