The U.S. stock markets opened Monday’s trading with rising prices. Later this week, on Thursday, a summit will be held between the leaders of the United States and China, Donald Trump and Xi Jinping.
The broad S&P 500 index was up 0.7 percent at 7,707.50 around 15.50. The technology-heavy Nasdaq Composite is rising 1.2 percent to 26,852.71.
By sector, telecommunications is performing best, up 2.47 percent, while energy is showing the weakest performance, down 1.60 percent.
Oil and LNG shipments through the Strait of Hormuz have been at their highest level in six months over the past two weeks, according to U.S. Central Command. The news has caused oil prices to fall and is helping to strengthen the stock markets.
U.S. President Donald Trump says he will appoint a special official responsible for AI and promises not to slow the development of the technology. Trump also dismissed concerns about AI’s security risks and said the technology could potentially account for as much as 25 percent of U.S. GDP.
Nvidia CEO Jensen Huang has gained increasing influence over Trump’s view of AI and is at the same time opposing several other leading AI executives in the debate over the technology’s risks. CNBC reports. Nvidia’s share price is rising 0.3 percent.
Space and AI company Spacex’s weighting in the Nasdaq 100 index is being raised to 2.82 percent when the index’s quarterly rebalancing takes effect on Monday, from 1.28 percent today. The share price is rising 2.0 percent.
Swedish freight technology company Einride has entered into a strategic partnership with Nvidia to scale up autonomous truck transportation. Einride’s share price initially rose, but has since turned lower and is now trading 7.8 percent lower.
The yield on the U.S. ten-year Treasury is falling 3 basis points to 4.97 percent.
Brent crude is falling 2.94 percent to 100.82 dollars and WTI crude is down 2.77 percent to 89.50 dollars.
IndexPriceChange todayChange this yearS&P 5007 707,500,75%12,59%Nasdaq Composite26 852,711,24%15,54%Consumer discretionary1 854,090,62%-3,86%Consumer staples911,94-0,37%5,44%Energy964,88-1,60%40,38%Financials928,330,07%1,84%Health care1 970,420,59%9,11%Industrials1 429,54-0,31%8,86%Materials628,89-0,02%9,49%Real estate272,060,71%6,68%IT7 161,961,23%26,00%Utilities413,45-0,35%-4,69%Telecommunications477,982,47%5,66%Source: Factset
