It was a pleasant trading day for investors on the New York Stock Exchange on the first trading day of the week. All three leading indices showed broad gains.
The collective index S&P 500 rose 0.7 per cent, the Dow Jones rose 0.5 per cent and the technology-heavy Nasdaq index rose 1.1 per cent.
The ten-year US government bond yield is at 4.41 per cent, while the VIX index, also called the fear index, is down 2.61 per cent to 13.44.
The price of a barrel of North Sea oil rose 1.84 percent to 82.03 dollars a barrel. WTI oil is up to $77.50 a barrel.
Top listing for Microsoft
The software giant Microsoft announced on Monday that Sam Altman, who was fired as OpenAI chief on Friday, will lead a new AI research team at them.
Microsoft shares climbed on the news, rising 2 percent to $377.44.
The rate is now at a historically high level, according to Reuters.
The technology giant has invested heavily in OpenAI, which has contributed to Microsoft establishing an early lead in the AI race through OpenAI’s language-based ChatGPT model.
– We are extremely excited to share the news that Sam Altman and Greg Brockman, along with colleagues, will join Microsoft to lead a new advanced AI research team. We look forward to acting quickly to give them the resources they need to succeed, Microsoft CEO Satay Nadella writes on https://twitter.com/satyanadella/status/1726509045803336122 and adds:
“We remain committed to our partnership with OpenAI and have confidence in our product, our ability to continue to innovate with everything we announced at Microsoft Ignite, and to continue to support our customers and partners.”
Facebook owner Meta, Amazon, Netflix, Apple and Alphabet (also known as the FAANG stocks), had a good day on the stock exchange with green across the board.
- Facebook rose 1.47 percent to $339.97.
- Amazon rose 0.65 percent to $146.13.
- Apple rose 0.93 percent to 191.45 dollars.
- Netflix rose 1.84 percent to 474.47 dollars.
- Alphabet rose 0.72 percent to 137.92 dollars.
On Tuesday, the IT giants will Nvidia and HP present their quarterly figures. The former rose by 2.25 per cent, while the data producer fell 1.15 per cent on Monday.
Rise for the third week in a row
The trend-setting indices have had a positive decline in November after a difficult period, and register green for the third week in a row.
On Tuesday evening, the minutes from the latest interest rate meeting at the US central bank will also be published.
“The interest rate announcement back at the end of the month was interpreted as a duet, and the minutes will give more insight into the decision to keep the interest rate steady in a situation where the activity figures had so far shown to be still strong. But the key figures afterwards have shown that the Fed was probably wise to take another interest rate break, and on Friday we also received new statements from Barr (Fed), which again showed that the Fed could now have reached the top”, writes Handelsbanken in an update .
The market has begun to price in the Fed lowering the key interest rate during the spring, according to the CME FedWatch Tool, writes Reuters.