This Content Is Only For Paid Member
US stocks experienced a significant surge on Monday, driven by a combination of falling bond yields and a remarkable rally in Microsoft shares, which reached a new all-time high during the session.
All three major indexes concluded the trading day with gains, accompanied by a two-basis-point decline in the 10-year US Treasury yield, settling around 4.42%.
Microsoft’s stock witnessed a notable 2% jump following the announcement of Sam Altman’s hiring, the founder of OpenAI who was recently removed from the artificial intelligence firm by its board. This surge translated into a staggering $54 billion increase in market value, with the stock achieving nearly a 60% rise from its levels at the beginning of the year.
In response to Microsoft’s strategic move, Wedbush analysts emphasized the strengthening position of the tech giant in the AI landscape, with Altman and Greg Brockman leading the advanced AI research team at Microsoft. The analysts reiterated their outperform rating and set a $425 price target for the stock.
Microsoft wasn’t the only tech giant making waves, as Nvidia stock reached an all-time high of $504.20, just ahead of its upcoming third-quarter earnings report scheduled for Tuesday.
The Dow Jones Industrial Average and the S&P 500 displayed robust performance in November, marking a 6% and 8% increase, respectively. This positions both indexes for their most impressive monthly performance since October 2022, reflecting the positive momentum in the market.
