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Stock market today: Tech rallies as AI names lead markets higher ahead of CES event

Jan 06, 2025 - markets.businessinsider.com
US stocks surged on Monday, driven by gains in tech giants like Nvidia, Alphabet, and Meta Platforms, as the 2025 Consumer Electronics Show commenced. Nvidia's shares rose significantly, nearing a record high, with CEO Jensen Huang set to deliver a keynote address. The Nasdaq 100 Index increased by over 1%, while the S&P 500 rose by 0.55%, though the Dow Jones Industrial Average saw a slight decline. Chip stocks also rallied, buoyed by Foxconn's strong earnings report, with companies like Micron, ASML, and Taiwan Semiconductor experiencing notable gains.

In other developments, the US dollar experienced volatility following conflicting reports about the Trump administration's tariff plans. The stock market will be closed on Thursday in honor of former President Jimmy Carter. Additionally, FuboTV's stock soared after a deal with Disney, and Bitcoin saw a significant increase, trading at over $102,000. In commodities, oil prices fell slightly, and gold decreased, while the 10-year Treasury yield rose marginally.

Key takeaways:

  • US stocks rose on Monday, driven by gains in tech giants like Nvidia, Alphabet, and Meta Platforms amid renewed AI hype.
  • Nvidia's CEO Jensen Huang is expected to provide updates on the company's data center and robotics strategies during his CES keynote.
  • Chip stocks rallied following Foxconn's strong earnings report, with companies like Micron, ASML, and Taiwan Semiconductor seeing significant gains.
  • The US dollar experienced volatility due to conflicting reports about the Trump administration's tariff plans.
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