Stocks rose Monday as semiconductor makers rallied after Anthropic filed publicly for an IPO. The Nasdaq Composite jumped 1.3%, while oil prices slid. Investors now turn to a peak week for earnings and a Federal Reserve decision on Wednesday.
The Nasdaq Composite jumped 1.3% Monday as chip stocks rallied on Anthropic's IPO filing. The S&P 500 gained 1%, and the Dow Jones Industrial Average added 210 points, or 0.4%.
Anthropic filing lifts chip stocks
Anthropic reported $16.29 billion in revenue for the six months ended June, up 1,304% from $1.16 billion a year earlier. It plans to list on the Nasdaq under the ticker "ANT," and investors are betting the offering will add new life to the flagging tech sector.
The iShares Semiconductor ETF (SOXX) rose more than 3%. Nvidia climbed 2.6%, Micron increased 2%, Broadcom rose 2.2% and Advanced Micro Devices edged up 1.1%.
Jay Woods, chief market strategist at Freedom Capital Markets, said of the filing: "This is a big confidence booster"
Tech had been under pressure
The news soothed some fears around the AI trade, which had been flagging in recent weeks amid growing fears that spending on datacenters is not sustainable. The S&P 500 and the Nasdaq are coming off back-to-back weekly losses. Chipmakers are in a bear market, with SOXX off roughly 25% from its high.
Not every AI-linked name gained. CoreWeave fell 1.7% and Nebius Group dropped 3.7% after Elon Musk said more than 200 companies in the neocloud space could collapse.
Oil falls, Fed and earnings ahead
A slide in oil prices also helped the major averages. Brent futures fell 1.8% to $114.57 a barrel, while West Texas Intermediate slid more than 2% to $100.60.
Next, 163 S&P 500 companies are set to report third quarter results this week, including Alphabet, Amazon and Microsoft. Meanwhile, fed funds futures suggest a 90% likelihood that the Fed holds rates at the current target range of 3.75% to 4%.
Source: CNBC
Trading involves risk.
Risk Disclaimer
