U.S. Stocks Near Record Highs
New York, October 6. Major U.S. stock indexes rose in the first trading session of the week, supported by several major acquisition deals and gains in artificial intelligence-related stocks.
New York, October 6. Major U.S. stock indexes rose in the first trading session of the week, supported by several major acquisition deals and gains in artificial intelligence-related stocks.
The S&P 500 rose 0.7% to 7,773.95 points, coming within 0.3% of its previous record high. The Dow Jones Industrial Average gained 0.2% to 51,267.90 points, while the Nasdaq Composite climbed 1.1% to 27,477.31 points.
Shares of PTC surged 33.5% after French company Schneider Electric announced plans to acquire it for approximately $22.6 billion. Autodesk shares also gained 4.5%. RXO shares rose 22.5% after CH Robinson Worldwide announced plans to acquire its truck brokerage business.
In the artificial intelligence sector, shares of Nvidia and Broadcom gained 2.1%. Investors are now turning their attention to the new corporate earnings season. Analysts expect third-quarter earnings for S&P 500 companies to increase by approximately 30% year-on-year.
Meanwhile, uncertainty in the oil market and elevated inflation remain key concerns for investors. Brent crude prices fell 1.9% to $100.32 per barrel. The yield on 10-year U.S. Treasury bonds rose to 5.31%.
In international markets, France's CAC 40 index fell 0.8%, while Japan's Nikkei 225 index gained 2.4%.