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Chip stocks rallied, with Intel and Arm Holdings both surging. Advanced Micro Devices reached a market capitalization of $1 trillion for the first time. Investors pointed to signs that suggest spending on AI is still expanding, despite recent safety warnings from leaders of AI giants a week ago that triggered a global tech selloff. The benchmark US 10-year yield fell below the psychologically important 5% level as Brent crude futures dipped below $100 a barrel to their lowest level since September 9, later settling at $100.34 per barrel. While Washington and Tehran exchanged threats through the weekend, US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly in New York this week. "We've been kind of programmed to follow the price of oil and the yield on the US 10-year, and if you look at those two things today, they've shifted from being headwinds to tailwinds for this market, at least in the near term," said Art Hogan, chief market strategist at B. Riley Wealth. Meta shares soared after Wells Fargo hiked its price target on the social media platform following the recent launch of its Muse AI assistant. According to preliminary data, the S&P 500 gained 113.72 points, or 1.49%, to end at 7,764.22 points, while the Nasdaq Composite gained 599.55 points, or 2.26%, to 27,122.09. The Dow Jones Industrial Average rose 371.24 points, or 0.72%, to 52,053.88. The S&P 500 last Friday traded at just under 19 times expected earnings, its lowest valuation since 2023, according to LSEG data. AI-related heavyweights are responsible for much of the recent increase in earnings expectations. Investors remained wary of the interest-rate outlook after the US Federal Reserve last week raised rates for the first time in three years to fight inflation. Traders see a 50% chance of another hike next month, CME's FedWatch showed. Commentary from at least 10 central bank policymakers is due this week. US-listed shares of companies exposed to Greenland rose following progress in diplomatic negotiations between the United States and Denmark about the status of Greenland. Greenland Mines tripled in value, while Greenland Energy more than doubled. A Chinese-US summit on Thursday could cover topics including potentially extending the trade truce between the two superpowers, the Iran war and regulation of AI. A report said the US proposed to extend the trade truce by six months, while China sought a longer extension. Bitcoin, a key marker of risk tolerance, rose sharply to a more than seven-month high, lifting Coinbase and Strategy. Paramount Skydance fell after a source told Reuters the company had reached a settlement with California and 11 other states suing to block its $110 billion merger with Warner Bros Discovery. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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