Tech and Oil Price Drop Fuel Market Rally

The New York Stock Exchange began the week with a bullish tone, particularly in the tech sector, as demand for artificial intelligence (AI) technologies drove investor interest. The Dow Jones Industrial Average extended its winning streak to three sessions, closing at 51,267.90, up 90.94 points from the previous Friday. The decline in crude oil futures provided a tailwind, easing inflation concerns and boosting market sentiment.

The Nasdaq Composite marked its fourth consecutive gain, finishing at a record high of 27,477.31, its first in nine trading days. Tech stocks led the charge, with Visa and Nvidia among the standout performers. Investors positioned themselves ahead of the July, September earnings season, anticipating strong results from major IT companies.

Pharmaceutical giant Merck faced selling pressure, contrasting with the broader market's positive momentum. Despite early volatility, the Dow briefly dipped as much as 128 points, tech-driven buybacks helped the index recover by the close. However, lingering concerns over high U.S. long-term interest rates tempered the upside.