The S&P 500 (^GSPC 1.18%) rose 0.47% to 6,964.82, the Nasdaq Composite (^IXIC 1.46%) gained 0.90% to 23,238.67 on AI‑linked tech strength, while the Dow Jones Industrial Average (^DJI 1.22%) inched up 0.04% to 50,135.86 after briefly slipping back below 50,000.
Market movers
Oracle (ORCL 2.08%) climbed as one of the S&P 500’s notable winners, helping offset pressure in software broadly, while Merck & Co (MRK 0.28%) declined as money rotated out of some defensive healthcare names. On the Nasdaq, Palantir Technologies (PLTR +1.58%) extended gains and Robinhood Markets (HOOD 3.66%) rallied ahead of its earnings release.
What this means for investors
Markets broadly built upon Friday’s strong tech recovery to start this week. AI-driven tech rotation continued with perceived winners like hardware maker Nvidia (NVDA 1.21%) continuing to surge while software and service stocks dropped again. Investors feel AI agents could make traditional software as a service (SaaS) business models somewhat obsolete.
One exception was software giant Oracle, which surged nearly 10% on the day. That spike nearly wiped out last week’s losses in the stock. Oracle got a boost from a big analyst upgrade following the recent weakness.
Enthusiasm for AI infrastructure and chip names continued today, too. Upcoming U.S. jobs numbers and inflation releases will likely drive the markets in the coming days. In the meantime, tech names should continue to be volatile as earnings season continues as well.
