US stocks rose on Monday, driven by gains from tech companies ahead of the Federal Reserve’s interest-rate announcement. The S&P 500 added 0.4%, with Broadcom and Tesla leading the charge.
Broadcom’s shares surged 11.2% as the chipmaker reported strong quarterly sales and profits, highlighting its artificial intelligence business. The stock was also named a top semiconductor pick by Bernstein analysts.
Tesla’s stock jumped 6.1% to an all-time high after Wedbush analysts discussed the potential upside of the company’s AI and full self-driving technology under the new presidential administration.
Micron Technology shares climbed 5.6% ahead of its quarterly results, with consensus estimates calling for strong year-over-year sales and profit growth.
In contrast, Super Micro Computer’s shares plummeted 8.3%, losing ground after being removed from the Nasdaq 100 and reports of a potential capital raise.
The Federal Reserve interest-rate decision this week is expected to see another reduction in borrowing costs, with investors focusing on economic data and policy moves. Consumer spending data from China also pressured oil prices ahead of the announcement.
Source: https://www.investopedia.com/s-and-p-500-gains-and-losses-today-tesla-stock-boosted-by-ai-self-driving-optimism-8762339