Stock Market Today: Dow in late dash higher as Amazon climb helps tech shake funk
Investing.com — The Dow made a late dash higher to eked out a gain Monday, as an Amazon (NASDAQ:AMZN) fueled rise in tech and a jump in energy stocks helped stocks wriggle away from the squeeze delivered by surging Treasury yields.
The S&P 500 rose 0.4%, the Dow Jones Industrial Average gained 0.1% 43 points, Nasdaq rose 0.5%.
Amazon.com Inc (NASDAQ:AMZN) said it would invest up to $4 billion in the artificial intelligence start-up Anthropic --which develops generative AI technology including large language model-based chatbots like ChatGPT that will be to Amazon Web Services customers.
“The agreement has the potential to accelerate adoption and deployment of additional generative AI capabilities to AWS customers and should ease investor concerns that Amazon has been less proactive than its peers in its approach to generative AI, in our view,” Wedbush said in a note.
Alphabet Inc Class A (NASDAQ:GOOGL) also has a roughly 10% stake in Anthropic after making a $300 million investment earlier this year.
Apple Inc (NASDAQ:AAPL), Meta Platforms Inc (NASDAQ:META), and Microsoft Corporation (NASDAQ:MSFT) ended the day higher.
Energy stocks rose more than 1% to support the broader market even as oil prices stumbled as investors assessed the impact of the higher for longer rates on the economy and energy demand.
EOG Resources Inc (NYSE:EOG), Coterra Energy Inc (NYSE:CTRA), Baker Hughes Co (NASDAQ:BKR) were among the biggest energy gainers on the day.
The United States 10-Year yield rose to highest level since 2007 as investors look ahead to remarks by Federal Reserve speakers and key economic reports this week including inflation and quarterly economic growth data that will play a role in Fed’s thinking on monetary policy.
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