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The S&P 500 closed higher Monday, fueled by Tesla’s stunning rally and a big tech surge. Investors are bracing for a pivotal earnings week featuring Nvidia and awaiting critical remarks from Federal Reserve officials. The market rally came on the heels of last week’s losses following Federal Reserve Chair Jerome Powell’s cautious comments on interest rates.
At the closing bell, the S&P 500 rose 0.4%, the Dow Jones Industrial Average fell by 0.1%, and the Nasdaq gained 0.6%. Market optimism, driven largely by Tesla and big tech stocks, lifted sentiment ahead of the release of highly anticipated economic data and earnings results.
Tesla Rockets Amid Self-Driving Hopes
Tesla (NASDAQ: TSLA) surged over 5% following reports that President-elect Donald Trump’s incoming administration plans to prioritize federal regulations for fully self-driving vehicles. Bloomberg revealed that the Department of Transportation would spearhead the initiative, creating a regulatory framework to fast-track autonomous vehicle deployment. This news sent investors flocking to Tesla shares, with the company solidifying its role as a leader in the EV and AI sectors.
Big tech followed suit, with Apple Inc. (NASDAQ: AAPL) and Alphabet Inc. (NASDAQ: GOOG) climbing over 1%. The tech sector, which has driven much of the year’s market momentum, remains in focus as Nvidia gears up to report earnings mid-week.
Spirit Airlines Files for Bankruptcy
Meanwhile, Spirit Airlines (NYSE: SAVE) found itself in the spotlight after filing for Chapter 11 bankruptcy protection. Years of financial struggles and mounting losses culminated in a prearranged deal with bondholders to navigate the bankruptcy process. The airline aims to exit bankruptcy by early 2025.
Nvidia Slips Amid AI Chip Concerns
Nvidia (NASDAQ: NVDA), the semiconductor giant, slid 1% following reports of overheating issues with its new Blackwell AI chips. These reports emerged days before Nvidia’s third-quarter earnings report, which investors are watching closely as a barometer for the broader AI sector and tech market sentiment.
Nvidia’s stock has skyrocketed nearly 200% this year, positioning the company as a leader in the AI revolution. However, concerns over hardware performance and supply chain stability could weigh on investor confidence.
Economic Data and Fed Remarks in Focus
The week ahead includes key economic data releases, including sector PMI data on Friday, and earnings from major retailers like Walmart and Lowe’s. Analysts will also scrutinize comments from Federal Reserve officials, including Cleveland Fed President Beth Hammack, for insights into the central bank’s rate outlook.
Adding to the day’s positive sentiment, the National Association of Homebuilders’ index rose in November, hinting at resilience in the housing market despite looming economic uncertainties.
Market Momentum Hinges on AI and Tech
With 93% of S&P 500 companies having reported earnings, three-quarters have posted positive EPS surprises, according to FactSet data. Investors now look to Nvidia’s earnings and upcoming economic data for clues about the market’s trajectory heading into 2025.
