(MENAFN- The Peninsula)
AFP
Washington: US Stocks opened higher yesterday to kick off the trading week, led by a resurgence in chip companies benefitting from the boom in investment in generative artificial intelligence.
Shortly after markets opened on Wall Street, the Dow Jones Industrial Average was up 0.4 percent at 42,879.88, while the broad-based S&P 500 rose 0.9 percent to 5,993.49.
The tech-rich nasdaq Composite jumped 1.3 percent to 19.882.28.
Among individual firms, companies in the chips sector rose in early trading, with chip designer Nvidia up by around 3.3 percent and Micron Technology up 9.4 percent.
And shares in streaming company Fubo soared by around 150 percent after media giant Disney announced it would be merging Fubo with Hulu+ Live TV. Disney's shares rose around 0.3 percent.
“It's going to be a busy week in terms of overall data inputs,” B. Riley Wealth Management's Art Hogan told AFP, noting Friday's release of fresh jobs data, and upcoming minutes of the most recent interest rate decision by the US Federal Reserve.
American markets are also“quietly walking into the beginning of earnings season,” he added, pointing to results from Delta Airlines and Walgreens Group Alliance on Friday.
Traders were also digesting a report published in the Washington Post yesterday that Donald Trump's aides were exploring a narrower tariff plan than the president-elect had previously suggested, covering only critical imports.
On the campaign trail, Trump said he would look to apply sweeping tariffs on imported goods entering the United States -- something many economists have said could be inflationary.
In a post to his Truth Social account, Trump strongly denied the Post's reporting, which relied on anonymous sourcing.
The story, he said,“incorrectly states that my tariff policy will be pared back. That is wrong.”
“The Washington Post knows it's wrong. It's just another example of Fake News,” he added
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