Newzstocks are climbing Monday after oil prices eased back.The S&P 500 rose 0.9% and more than recovered its losses from last week, pulling within 1.6% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 242 points, or 0.5%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.Stocks got some breathing room after the price for a barrel of Brent crude fell 1.4% to $110.17.
It, though, is still near the high end of its range since the war with Iran began. The highest price for the most actively traded contract in the market for Brent crude since then is nearly $120, reached in March.The pullback for oil prices helped companies with big fuel bills lead the way on Wall Street. Cruise-line operator Royal Caribbean Group rose 2.1%, while United Airlines climbed 3.2% and Delta Air Lines flew 2.3% higher.Other airline stocks also got a bump on speculation they may benefit from weakness for JetBlue Airways, whose stock tumbled 14.1% toward a record low.AI stocks keep swingingStocks in the artificial-intelligence industry remained unsettled.
They’ve been swerving on worries about whether their industry's boom is under threat because of how expensive it’s become for companies to borrow money to build data centers and buy more AI chips.Nvidia rose 3.1% and was the strongest single force lifting the S&P 500 on Monday. That helped the chip company recover some of its losses from three straight losing weeks, its longest such streak since June.Meta Platforms, though, swung after outlining plans to raise $35 billion by selling stock to help pay for its AI investments. It also said it could raise another $60 billion by selling shares of a new class of its stock that has zero voting rights, once it begins trading.
Meta's stock initially dropped more than 2%, but it quickly erased the loss and then added 0.4%Meta said Nvidia, Advanced Micro Devices and Broadcom have already indicated they may buy a total of $5 billion of stock in its offering. That's a signal of strong interest from big chip companies that stand to benefit from additional AI investments. But it also gives fuel to critics of “circular financing” who say it raises the risk if AI isn't as successful as expected.Worries remain about borrowing for AISpaceX, Elon Musk’s rocket company that also runs the xAI business, had similar swings.
stocks are climbing Monday ahead of a week full of reports that could move the market.The S&P 500 rose 0.6% and more than recovered its losses from last week, pulling within 2% of its all-time high set earlier this month. The Dow Jones Industrial Average was up 356 points, or 0.7%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.Stocks got some breathing room after the price for a barrel of Brent crude fell 1.5% to $110.00.
It’s still near the high end of its range since the war with Iran began, which clogged the global flow of oil. The highest price that the most actively traded contract in the market for Brent crude has reached since then is nearly $120 in March.The ease back for oil prices helped companies with big fuel bills lead the way on Wall Street. Cruise-line operator Royal Caribbean Group rose 2.5%, while United Airlines climbed 4.1% and Delta Air Lines flew 2.9% higher.Airline stocks also got a bump on speculation they may benefit from weakness for JetBlue Airways, whose stock tumbled 14.5% toward a record low.Stocks in the artificial-intelligence industry remained unsettled, meanwhile.
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