Wall Street kicked off a new week on a mildly positive note Monday, with the S&P 500 adding 0.41% and the Nasdaq outperforming as technology stocks drew fresh buying interest. Trading volumes were moderate — typical for an early-summer Monday — but the mood was constructive heading into a week light on major economic data.
Nvidia was the clear standout of the session, rallying 3.2% after reports emerged that a prominent sovereign wealth fund had built a sizeable new position in the chipmaker. That news reignited enthusiasm around AI-driven semiconductor demand, lifting the broader chip sector and dragging names like AMD and Broadcom higher in sympathy.
On the downside, CVS Health was the session's notable laggard, sliding 4.1% after management flagged deteriorating margins in its pharmacy benefits and insurance units. The warning rattled the managed-care space broadly, with UnitedHealth and Humana also dipping modestly in response.
The VIX settled near 17.4, suggesting markets remain calm despite lingering questions about Federal Reserve policy timing. Oil held steady around $78 a barrel and gold ticked higher to $2,418 as the dollar softened slightly against a basket of major currencies.