Chip and AI stocks led today's charge
The Dow scored another record close on Monday, as investors look ahead to a busy week of economic data, including a delayed jobs report and the consumer price index (CPI) reading for January. The S&P 500 and Nasdaq settled higher as well, the latter rising triple digits as Big Tech continued to recover from recent losses, with chip and AI stocks leading today's charge. More earnings are on tap, too, with Dow component Coca-Cola (KO) expected to announce results tomorrow.
Continue reading for more on today's market, including:
- AI stock charges higher after beat-and-raise.
- Weight-loss pill wars: Novo Nordisk sues Hims & Hers Health.
- Plus, a new CEO for Kroger; chip giant finds partner; a favorite amongst bulls.
5 Things to Know Today
- Target (TGT) announced it will cut about 500 distribution and office jobs to invest in more in-store labor and improve overall customer experience. (CNBC)
- Cleveland-Cliffs (CLF) failed to provide an update on its strategic partnership with Korean steel maker POSCO. (Barron's)
- Kroger taps former Walmart executive as new CEO.
- Chipmaker partners up with Amazon Webs Services (AWS).
- Options bulls targeting Netflix stock on the dip.
Gold, Oil Prices Charge Higher
Oil prices settled higher on Monday, after the U.S. Department of Transportation warned U.S. vessels to stay far from Iranian territory while traveling through the Strait of Hormuz and Gulf of Oman. March-dated West Texas Intermediate (WTI) crude added 81 cents or 1.3%, to settle $64.36 a barrel.
Gold prices moved higher as well, as the U.S. dollar continued to weaken and investors eyed this week's economic data. April-dated gold futures rose 2% to settle at $5,079.40 per ounce.