- Stocks soared Monday as as bond yields slipped and Microsoft stock surged to a new high.
- The 10-year Treasury yield eased two basis points to 4.42%.
- The Dow and S&P 500 are headed for their best monthly performance in over a year.
US stocks rose on Monday, led higher by falling bond yields and a surge in Microsoft shares, which touched a new all-time-high in the session.
All three major indexes ended the trading session higher, and the yield on the 10-year US Treasury slipped by two basis-points to around 4.42%.
Microsoft stock jumped over 2% in the session after the tech giant announced the hire of Sam Altman, the OpenAI founder that was booted from the artificial intelligence firm by its board over the weekend. The jump in the shares amounted to a $54 billion in market value, with the stock touching a new all-time high in the session, up nearly 60% from levels at the start of the year.
“The embarrassing circus show over the weekend at OpenAI was finally taken over by the adults in the room at Microsoft as Nadella & Co. now have added the linchpins of AI Sam Altman and Greg Brockman to join Microsoft to lead advanced AI research team,” Wedbush analysts said in a note on Monday, reiterating their outperform rating and $425 price target for the stock. “We view Microsoft now even in a STRONGER position from an AI perspective with Altman and Brockman at MSFT running AI.”
Microsoft wasn’t the only tech titan to gain. Nvidia stock closed at an all-time high of $504.20 ahead of its third-quarter earnings report slated for Tuesday.
The Dow Jones Industrial Average and the S&P 500 have rallied hard in November, up 6% and 8% respectively. That puts both indexes on track for their best monthly performance since October 2022.
Here’s where US indexes stood at the 4:00 p.m. ET close on Monday:
Here’s what else happened today:
In commodities, bonds and crypto: