09.02.202616:02:43UTC+00US Stocks Swing to Gains

US stock indices climbed on Monday, supported by strong gains in AI-related companies, while investors looked ahead to a series of key economic releases later this week. The S&P 500 and Nasdaq 100 each rose about 0.5%, and the more defensive Dow edged above the flatline to notch a new record high.

AI services and infrastructure names led the advance. Chipmakers Nvidia, Broadcom, and AMD each gained around 3%, setting the tone for the semiconductor sector, while data-focused firms Palantir and Oracle jumped 4.5% and 8%, respectively, underscoring sustained momentum in data services.

By contrast, software stocks suffered another weak session, extending last week’s selloff. Improved automation tools from Anthropic have heightened concerns about the outlook for software segments seen as particularly exposed to AI disruption. Intuit and Salesforce each declined more than 2%.

In corporate news, Eli Lilly ticked higher after agreeing to acquire Orna Therapeutics in a $2.4 billion deal. Separately, inflation expectations tracked by the New York Fed fell to a six-month low.