US Stock Market Jumps on AI Stocks, Meta Earnings, and Paramount Skydance Deal
The US stock market ended Monday on a high note, driven by strong gains in AI stocks. The Nasdaq 100 added 2.8% and the S&P 500 rose 1.5%, while the Dow Jones Industrial Average gained 0.7%. This surge was largely due to Meta's Muse AI topping app store charts, sending the company's shares up nearly 12%.
The VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) also saw significant gains, increasing between 4% and 5% in tandem with Nvidia (NVDA), Advanced Micro Devices (AMD), Broadcom (AVGO), and Micron Tech (MU). AMD's entry into the $1 trillion market cap club was a major contributor to this trend.
Meanwhile, Paramount Skydance Corp. (PSKY) stock soared 10% after resolving litigation aimed at blocking its acquisition of Warner Bros. Discovery Inc. The company will pay a settlement in exchange for the deal's approval.