Stock market today: Nasdaq leads stocks higher while GameStop skyrockets

The tech-heavy Nasdaq Composite and benchmark S&P 500 rose on Monday, with US stocks eyeing an upbeat start to June as hopes for rate cuts revive and the meme-stock mania roars back. The Nasdaq and S&P rose about 0.8% and 0.4%, respectively, as Nvidia shares popped on the heels of an AI chip update. The Dow Jones Industrial Average hovered around the flatline. A surge in GameStop shares grabbed the spotlight, firing up speculation again of a return to a 2021-style meme rally.

Overall, stocks are on track to build on their strong performance in May, which saw all three major gauges break records during the month. The mood has turned more positive after PCE data gave hope that inflation has turned a corner, prompting optimism that the Federal Reserve will look more kindly on a cut to borrowing costs.

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