Stocks were lifted higher on Monday after Senate lawmakers moved towards a potential deal that could end the longest U.S. government shutdown in history.
The tech-heavy Nasdaq Composite
Over the weekend, Senators advanced a new bill that had enough support from both Republicans and Democrats to avoid a filibuster. The bill, which still needs to pass a final vote in the Senate before moving to another vote in the House of Representatives, would reopen the government through Jan. 30. The tentative agreement notably does not include an extension of Affordable Care Act subsidies -- a key measure for most Democratic lawmakers.
House Speaker Mike Johnson on Monday called for lawmakers to travel back to Washington D.C. for a vote this week.
The week is expected to be driven by artificial intelligence stocks, according to UBS Global Wealth Management CIO Mark Haefele, as market valuations remain both a confidence booster and spoiler for investors.
"This week, investors will be looking to see if markets can regain confidence. For the results of chipmaker NVIDIA, the world's largest company, investors will have to wait until 19 November. But further tech deals, such as the recent USD 38bn agreement between OpenAI and Amazon, could serve as a reminder of the momentum in the sector," Haefele wrote in a Monday note.
"We maintain our conviction that AI-related stocks should drive equity markets, and we believe underallocated investors should add exposure to the theme through a diversified approach," Haefele added.
On the earnings front, Instacart
In his first letter to shareholders, CEO Chris Roger said the company is a "clear leader" in the online grocery delivery market and said Instacart is "deepening customer and retailer relationships, expanding our ads ecosystem, and launching innovative AI-powered tools across all aspects of our business -- all while driving profitable growth."
For Tuesday, market participants will turn their attention towards earnings reports from companies including Occidental Petroleum
