Stock Market Today: Dow racks up gains to close higher on tech strength
Investing.com — The Dow closed higher Monday, ahead of the release of minutes from the Federal Reserve's September meeting and earnings from Nvidia that will likely set the tone for big tech in a holiday-shortened week.
By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average rose 203 points, or 0.6%, higher, S&P 500 rose 0.8%, and Nasdaq Composite climbed 1.1%.
Microsoft (NASDAQ:MSFT) rose 2% to close at a record high after it hired Sam Altman to lead a new advanced artificial intelligence research team, just days after he was forced out as CEO of OpenAI. Reuters reported that OpenAI's staff has threatened to quit the artificial intelligence startup and join former Altman unless the board resigns.
«Altman is now leading the company key AI efforts which we expect many key scientists and developers to leave OpenAI and head directly to Microsoft,» Wedbush said in a note.
Chipmaker Nvidia (NASDAQ:NVDA) rose 2% to close at an all-time high ahead of its quarterly results on Tuesday that have recently served as a barometer of AI demand.
The chipmaker's guidance will be closely watched at a time when many are weighing on impact on demand from U.S. chip restrictions on shipments to China and rising competitions from hyperscale customers including Microsoft, which recently launched its own AI chip.
Boeing Co (NYSE:BA) rose more than 4% after Deutsche Bank upgraded its rating on the aircraft maker to buy rating from hold as a step up in aircraft deliveries is expected to boost cash flow.
«Aircraft deliveries are accelerating, and we think there's a credible case to be made that this improved performance can be sustained,» Deutsche Bank said.
Citigroup (NYSE:C) closed just below the flatline after CEO Jane Fraser announced a
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