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US stocks rallied on Monday, as megacaps lifted Nasdaq higher ahead of the US Federal Reserve’s meeting this week.
Fed policymakers are widely expected to keep interest rate unchanged as inflation data released last week showed that the consumer prices in the US rose in February.
At 9:34 a.m. ET, the Dow Jones Industrial Average was up 150.05 points, or 0.39 per cent, at 38,864.82, the S&P 500 was up 49.30 points, or 0.96 per cent, at 5,166.39, and the Nasdaq Composite was up 218.65 points, or 1.37 per cent, at 16,191.82.
Shares of Alphabet climbed 6.4 per cent after a media report that Apple is in talks to build Google’s Gemini AI engine into the iPhone.
ALSO READ: Wall Street week ahead: All eyes on Federal Reserve’s interest rate decision
Tesla jumped 2.8 per cent after the electric carmaker announced that it would raise the price of its Model Y EVs in Europe.
Nvidia advanced 3.8 per cent as the chipmaker kicked off its annual developer conference on Monday.
Micron Technology and Intel rose 2.3 per cent and 1.1 per cent, respectively. The yield on the 10-year Treasury was steady at 4.31 per cent.
Crude oil prices gained on Monday as Ukraine increased its attacks on Russian energy infrastructure.
Brent crude oil futures for May delivery rose 62 cents, or 0.7 per cent, at $85.96 a barrel by 1019 GMT. The April contract for US West Texas Intermediate (WTI) crude added 70 cents, or 0.9 per cent, at $81.74.
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Published: 18 Mar 2024, 08:14 PM IST
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