Big tech aids Nasdaq's best single-day gain in two months, Boeing tumbles

A rally in big tech sent US stocks higher at the start of a week that will bring key inflation data and bank earnings.

The Nasdaq 100 outperformed, with Nvidia Corp. surging after announcing new products to help the personal computer industry lure consumers with artificial-intelligence PCs. Boeing Co. sank as its 737 Max 9 model was temporarily grounded by authorities. Treasury yields fell alongside the dollar. Oil slid to around $70.

Equities rebounded after mixed US economic data capped a week that saw equities sink the most since October on bets the Federal Reserve was in no rush to cut rates.

“The valuation-led year-end rally pulled potential gains from 2024 into 2023, making this a tricky year to prognosticate — especially as data are becoming more mixed and futures markets show that Fed rate cuts are already factored in,” said Robert Teeter, managing director of Silvercrest Asset Management.

The S&P 500 rose 1.4% as of 4 PM New York time

The Nasdaq 100 rose 2.1%

The Dow Jones Industrial Average rose 0.6%

The MSCI World index rose 0.9%

The Bloomberg Dollar Spot Index fell 0.2%

The euro rose 0.1% to $1.0956

The British pound rose 0.3% to $1.2753

The Japanese yen rose 0.3% to 144.14 per dollar