The S&P 500 (SPY  ), alongside the broader stock market, climbed to a fresh record high on Monday, boosted by Nvidia shares following the semiconductor's new partnership with OpenAI.

The broader market index added 0.4% to settle at 6,693.75, while the Nasdaq Composite (QQQ  ) reached its own closing high, advancing 0.7% to end the session at 22,788.98. The Dow Jones Industrial Average (DIA  ) rose over 60 points to close at another all-time high of 46,381.54 as well.

Nvidia (NVDA  ) announced on Monday it will invest up to $100 billion in OpenAI to speed up the production of the artificial intelligence startup's data centers, which are built around the chipmaker's generative AI GPUs. OpenAI plans to create Nvidia systems that require 10 gigawatts of power, the companies said on Monday.

"Everything starts with compute," said OpenAI CEO Sam Altman in a statement. "Compute infrastructure will be the basis for the economy of the future, and we will utilize what we're building with NVIDIA to both create new AI breakthroughs and empower people and businesses with them at scale."

Meanwhile, shares of consumer health giant Kenvue (KVUE  ) reached a new 52-week low on Monday after The Washington Post reported on Sunday that the Trump administration plans to announce the possible link between the use of the pain reliever Tylenol while pregnant as a cause of autism.

Elsewhere, newly appointed Federal Reserve Governor Stephen Miran said in remarks on Monday that he believes the central bank's target interest rate range is too high, citing issues like changes in tax and immigration policy, and deregulation and revenue from tariffs as creating an economic environment where policymakers can cut rates by nearly 2 percentage points.

"The Federal Reserve has been entrusted with the important goal of promoting price stability for the good of all American households and businesses, and I am committed to bringing inflation sustainably back to 2 percent," Miran said before the Economic Club of New York. "However, leaving policy restrictive by such a large degree brings significant risks for the Fed's employment mandate."

Separately, St. Louis Federal Reserve President Alberto Musalem on Monday supported the central bank's interest rate cut last week, but cautioned about further reductions, calling the cut "a precautionary move intended to support the labor market at full employment and against further weakening."

"The stance of monetary policy now lies between modestly restrictive and neutral, which I view as appropriate," he said in prepared remarks for a speech to the Brookings Institution in Washington D.C. "However, I believe there is limited room for easing further without policy becoming overly accommodative, and we should tread cautiously."

For Tuesday, market participants will closely watch two new September readings for the manufacturing and services sectors, alongside another round of Fedspeak that includes a speech from Fed Chair Jerome Powell.