05.10.202620:13:36UTC+00US Stocks Gain as Big Tech Shares Rally

US stock indices ended higher on Monday, as a rally in heavyweight technology shares more than offset concerns about persistently elevated oil prices and bond yields. The S&P 500 advanced 0.7%, the Nasdaq 100 gained 0.9% to finish at a record close of 31,076, and the Dow Jones Industrial Average added 91 points.

Equity markets have continued to grind higher despite the drag from higher borrowing costs, elevated energy prices, and ongoing inflation worries. Robust corporate earnings, resilient consumer spending, and sustained investment in artificial intelligence have underpinned the latest leg of the rally.

AI-focused mega-cap “hyperscalers” recorded solid gains: Alphabet rose 0.9%, Meta climbed 1.9%, and Microsoft advanced 1.5%. Semiconductor stocks were mixed, with increases in Nvidia (+2.1%) and Broadcom (+2.1%) largely offset by declines in Micron (-1%), AMD (-0.3%), and Intel (-2.6%).

Tesla shares gained 2.2%, while SpaceX surged 7.6% after reports of potential cooperation between Taiwan Semiconductor Manufacturing Company and Elon Musk’s Terafab initiative.