Major indexes were mixed Monday morning as the market looks to extend its winning streak after the best week of 2024 for U.S. stocks.
The Dow Jones Industrial Average was up 0.2%, while the S&P 500 and Nasdaq Composite gained were off 0.1% and 0.2%, respectively.
The S&P 500 and Nasdaq have closed higher for seven consecutive sessions, while the Dow has gained in six of the last seven sessions. Stocks have made an impressive recovery from steep losses earlier in the month as concerns about the health of the economy have subsided, while investors expect the Federal Reserve to deliver long-awaited interest rate cuts starting next month.
The economic data calendar is light this week, but investors will be paying close attention to comments from several Fed officials who are slated to speak in the coming days. The big event comes Friday when Fed Chair Jerome Powell will deliver remarks at the Jackson Hole Economic Symposium.
Mega-cap tech stocks, which have swung wildly in recent weeks amid the market volatility, were mixed Monday morning. AI investor favorite Nvidia (NVDA) and Amazon (AMZN) were little changed, while Meta Platforms (META), Microsoft (MSFT) and Apple (AAPL) lost ground and Alphabet (GOOGL) gained.
On the earnings front, investors are awaiting quarterly results from Palo Alto Networks (PANW) after Monday’s closing bell. Palo Alto shares were up 2% Monday morning.
The yield on 10-year Treasurys, which is sensitive to expectations around interest rates, was holding steady around 3.89%. Gold futures slipped to around $2,530 but were still trading near record highs. Bitcoin was little changed around $58,000.
AMD Expands Its Reach Into AI
1 hr 19 min ago
Advanced Micro Devices (AMD) took another big step in expanding its reach into artificial intelligence (AI) with the purchase of data center infrastructure provider ZT Systems.
AMD said the cash-and-stock deal was valued at $4.9 billion, which includes a contingent payment of $400 million if certain milestones are reached after the close.
AMD CEO Lisa Su called the acquisition “the next major step in our long-term AI strategy to deliver leadership training and inferencing solutions that can be rapidly deployed at scale across cloud and enterprise customers.” Su said that adding ZT Systems “will significantly strengthen our data center AI systems and customer enablement capabilities.”
AMD shares were up nearly 2% in early trading Monday.
Futures Point to Flat Open for Major Indexes
2 hr 59 min ago
Futures tied to the Dow Jones Industrial Average were fractionally lower.
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S&P 500 futures were up less than 0.1%.
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Nasdaq 100 futures were also up less than 0.1%.
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