US stock indices edged higher on Monday, primarily buoyed by strong optimism surrounding the continued demand for Artificial Intelligence (AI) infrastructure and a major deal in the consumer healthcare sector.
The market sentiment was significantly lifted by the news of a colossal $38 billion computing deal struck between OpenAI and Amazon Web Services (AWS).
Separately, the consumer health sector provided additional tailwinds after Kimberly-Clark announced it would acquire Kenvue (the Tylenol maker) in a cash-and-stock transaction valued at approximately $48.7 billion.
At the open, the Dow Jones Industrial Average rose 134.5 points, or 0.28%, to 47,697.33. The S&P 500 rose 42.1 points, or 0.62%, to 6,882.32, while the Nasdaq Composite rose 227.0 points, or 0.96%, to 23,951.911.
On the economic front, investors awaited US private payroll data for further cues on the Federal Reserve’s monetary policy outlook.
Bullion Market
Gold prices were steady on Monday as the US dollar hovered close to a three-month peak.
Spot gold was up by 0.1%, trading at $4,008.34 an ounce as of 12:34 GMT. Meanwhile, US gold futures for December delivery showed a more robust gain, rising 0.7% to reach $4,022.40 per ounce.
Across the wider metals market, price action was mixed but generally positive. Spot silver climbed 0.2% to $48.75 an ounce. Platinum saw a strong rise, advancing 1.4% to $1,590.61. Palladium gained 0.6%, reaching $1,442.81.
