US Stocks Open: Higher on Monday, Tech Stocks in Focus as Year End Approaches
S&P 500 index SPX | 7142.88 | -0.43% |
NASDAQ IXIC | 24702.14 | -0.74% |
Dow Jones Industrial Average DJI | 49125.01 | -0.09% |
NVIDIA Corporation NVDA | 214.52 | -0.96% |
Micron Technology, Inc. MU | 509.98 | -2.78% |
The S&P 500 index(SPX) kicked off a holiday-shortened week with gains, led by a surge in technology shares.
Updates: As of 09:36:08 on Dec 22 ET, the broad-based S&P 500 index(SPX.US) inches higher by 28.6 points or 0.42% to 6,863.1, the tech-heavy NASDAQ(IXIC.US) increases by 102.9 points or 0.44% to 23,410.5, and the blue-chip Dow Jones Industrial Average(DJI.US) picks up 169.3 points or 0.35% to 48,304.2.
AI stocks rebounded last week after recent underperformance. Oracle saw shares jump more than 1% after TikTok agreed to sell its US operations to a joint venture involving Oracle and Silver Lake. Nvidia Corporation(NVDA) rose 1% on reports of plans to ship H200 chips to China by mid-February, while Micron Technology, Inc.(MU) climbed almost 2.5%. Major tech stocks like Tesla, Inc.(TSLA), Micron Technology, Inc.(MU), and Oracle Corporation(ORCL) surged more than 2%. However, doubts linger about whether AI stocks can sustain leadership amid high tech valuations and a potential market rotation.
Trading hours will be shortened due to the Year End holiday, with the market closing early on Year End's eve and remaining closed on Year End Day.