Wall Street's main indexes closed higher as shares of chipmaker Nvidia surged following a bullish note from Morgan Stanley, leading gains in other megacap growth stocks
The S&P 500 climbed 0.58% to end the session at 4,489.72 points. The Nasdaq gained 1.05% to 13,788.33 points, while Dow Jones Industrial Average rose 0.07% to 35,307.63 points.
"It's the first day in a while that tech has really significantly outperformed," said Jay Hatfield, CEO of Infrastructure Capital Advisors in New York. "That's indicative of the fact that you have this blockbuster Nvidia report coming up and that could support the tech market pretty substantially." Nvidia, one of several tech companies rallying this year on optimism about AI, is due to report quarterly results next week.
"NVIDIA remains our top pick, with a backdrop of the massive shift in spending towards AI, and a fairly exceptional supply-demand imbalance that should persist for the next several quarters," Morgan Stanley analysts said in a note on Monday.
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