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US stocks largely rose on Monday as chip names popped and investors awaited the release of key monthly jobs data later this week.
The S&P 500 (^GSPC) was up about 0.5%, while the Dow Jones Industrial Average (^DJI) fell about 0.1% after being higher for most of the session. The tech-heavy Nasdaq Composite (^IXIC) led the gains, adding about 1.2%, after a tech-led rally on Friday.
Chip stocks rallied after a record revenue and a strong sales forecast from Nvidia (NVDA) server partner Foxconn (2317.TW, HNHPF), which boosted optimism for AI-fueled growth. Shares of Nvidia climbed more than 3%, as the stock closed at a record high. Meanwhile peer Micron Technology (MU) rose over 10%.
The upbeat mood kicks off the first full week of 2025 for traders, highlighted by the release of the December nonfarm-payrolls report on Friday. But it’s another shortened week, as stock markets shutter on Thursday to mourn the death of former President Jimmy Carter.
The focus will stay on Nvidia later on Monday when CEO Jensen Huang gives the keynote speech to start the CES tech conference. Investors will listen for signs its new Blackwell chip has shaken off supply glitches.
Meanwhile, the benchmark 10-year Treasury yield (^TNX) was up around two basis points to hover around 4.62% after the Washington Post reported that President-elect Donald Trump’s team is exploring more limited tariffs than anticipated.
At the same time, the dollar (DX=F) dropped sharply as markets recalculated the potential inflationary impact of the incoming president’s plans. The index later pared some of its losses after Trump called the Washington Post report "wrong" in a social media post.
On the corporate front, Disney (DIS) confirmed it will combine its Hulu + Live TV business with sports streamer FuboTV (FUBO) in the first major media dealmaking move of 2025. Fubo shares soared nearly 250%, while shares in Disney were little changed.
Meanwhile, bitcoin (BTC-USD) prices traded above $102,000 per token. It’s the first time the leading cryptocurrency has topped $100,000 since Dec. 19.
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