Tech Surge Pushes Wall Street to Record Highs

Meanwhile, European and global markets look set to follow suit with strong performances anticipated.

Wall Street surged to new heights on Monday, with the S&P 500 hitting a record close and the Dow Jones crossing 43,000 points for the first time.

The rise was driven largely by gains in tech stocks, particularly in chipmaker Nvidia, which jumped 2.4% following renewed enthusiasm in artificial intelligence and corporate earnings.

Nvidia’s shares closed at a record high, pushing its market valuation to $3.39 trillion, just behind Apple’s $3.52 trillion and ahead of Microsoft’s $3.12 trillion.

"There's a renewed excitement around tech and AI, especially with Nvidia's strong performance," one market analyst said.

In Asia, Tokyo’s Nikkei index rose above 40,000, fueled by the same optimism surrounding AI and tech, which is expected to spill over into European stock markets.

European markets will also focus on economic data releases, including the European Central Bank’s (ECB) survey on bank lending in the euro zone.

This data is expected to influence expectations ahead of Thursday’s ECB policy review, with a potential quarter-point rate cut on the table.

Meanwhile, more corporate earnings are due, with Bank of America, Goldman Sachs, Citigroup, and Charles Schwab set to report their third-quarter results.

Bank of America is forecasted to report a decline in profit, while Goldman Sachs is expected to see gains in fees from advisory and underwriting services.

Elsewhere, key economic data such as the UK jobs report, France’s consumer price index, and Eurozone industrial production will play significant roles in market movements.

Additionally, the reopening of the UK 30-year government debt auction could impact bond markets.

As the third-quarter earnings season gains momentum, investors remain focused on the intersection of AI, tech, and monetary policy in shaping the global financial landscape.