Stock market today: Nasdaq surges despite Nvidia stock slide, Dow and S&P 500 rally as AI tech trade rises
US equities climbed on Monday as the artificial intelligence sector remained a primary focus ahead of a significant week for inflation data and corporate election volatility and news regarding an investigation by Nvidia’s (NVDA) board into CEO Jensen Huang concerning a personal relationship.
Multiple news organizations reported last week that US officials believe Huang was involved in a romantic relationship with Alice Huang, a Chinese businesswoman allegedly recruited to conduct espionage for Chinese intelligence.
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Nvidia shares pared some losses, closing down 4% on Monday. Broader market indexes appeared to look past the news as they continued to rebound from a sharp sell-off observed last Thursday.
Supporting the market rally, the decline in energy prices from last week persisted on Monday, with Brent Crude Futures (BZ=F) dropping to roughly $91 per barrel.
The bulk of third-quarter earnings reports have now been released, with only a few weeks remaining in the season. Companies reporting results on Monday included Hims and Hers (HIMS), Rocket Lab (RKLB), and Monday.com (MNDY).
The week begins with a light schedule for economic data, with wholesale trade figures serving as the most notable report.
