AMD Hits $1 Trillion as S&P 500 Posts Best Day Since August
AI stocks drove the S&P 500 up 1.5%, while AMD reached a $1 trillion market cap and oil prices fell sharply.
Key points
- AMD reached a $1 trillion market cap while Meta Platforms surged over 11%.
- The S&P 500 posted a 1.5% gain, its best day since August 4.
- WTI crude oil prices fell 4.5% to $95.78 per barrel.
Advanced Micro Devices reached a $1 trillion market cap after a 10% surge. The S&P 500 climbed 1.5% to record its best daily gain since August.
U.S. equity futures remained flat on Monday night following the rally. The Nasdaq Composite jumped 2.3% to hit a new closing record high.
AI stocks drive broad market rally
Meta Platforms surged more than 11%, leading the tech sector advance. Intel gained 12% as chipmakers broadly outperformed the wider market.
Nvidia rose 2% while Corning advanced nearly 6% on fiber optics demand. These gains helped lift the Dow Jones Industrial Average by 366 points.
Oil prices and yields decline
West Texas Intermediate crude dropped 4.5% to $95.78 per barrel. Brent crude settled over 3% lower at $100.34 per barrel.
The 10-year Treasury yield slid more than 4 basis points to 4.951%. This move followed the Federal Reserve's recent quarter-point rate hike.
Traders await Washington summit and data
President Trump and Chinese leader Xi Jinping meet in Washington this week. Topics include artificial intelligence, tariffs, and rare earth metals.
The Richmond Fed manufacturing survey releases Tuesday alongside Fed official speeches. AutoZone and KB Home report earnings to close out the day.
