The tech-heavy Nasdaq Composite rose higher Monday in its biggest one-day gain since July as investors poured into top names like Nvidia
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Monday's positive moves come after a week of declines for stock, with the S&P 500 and Nasdaq each notching a third straight week of losses and the Dow posting its biggest weekly drop since March.
The week ahead is expected to be full of retail earnings from companies like Lowe's
Ahead of Nvidia's earnings, Wolfe Research's Chris Senyek wroe that Nvidia's quarterly results on Wednesday could prove to be another "critical" event for Wall Street this week, pointing to how the stock's strong quarterly report back in May boosted the broader sector.
"More specifically, we believe that it was a main catalyst for many bellwethers to separate from Fed liquidity and instead start trading on 'AI optimism' and price momentum," Senyek wrote in a note on Monday.
Moreover, HSBC reiterated its Buy rating on the chipmaker and increase its price target to imply a more than 80% upside from Friday's close.
"Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations," analyst Frank Lee said in a note on Monday. "We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments."
On the earnings front for Monday, Palo Alto Networks
Looking ahead, Zoom Video Communications