Posted 2/12/2024, 5:45:00 PM
Stocks Buoyant After S&P 500 Milestone; Nvidia Soars on AI Potential Alongside Merger Mania in Energy Sector
- Stocks edged higher on Monday after the S&P 500 closed at a record high above 5,000 for the first time ever last week. Investors look ahead to January CPI data and upcoming earnings.
- Nvidia stock hit new all-time highs, with its market cap surpassing Amazon and nearing Alphabet. Nvidia accounts for a quarter of the S&P 500’s gain this year.
- Arm Holdings stock surged over 30%, extending last week’s 60% rally, as investors bet on its positioning in AI.
- Oil producer Diamondback Energy announced a $26 billion merger with Endeavor Energy. The combined entity would be profitable even with oil below $40/barrel.
- Major indexes opened mixed on Monday following the S&P 500’s banner week. Energy and Materials sectors edged higher while Tech dipped.