The S&P 500 and Nasdaq climbed on Monday as Nvidia shares rose ahead of the chip designer's earnings this week, with investors also focused on a meeting of central bank policymakers for clues on the U.S. interest rate path.
, which sharply outperformed its megacap peers with gains of nearly 6% last week, climbed 4.4% as HSBC raised its price target on the stock to $780, the second highest on Wall Street.to forecast quarterly revenue above analysts' estimates when it reports results on Wednesday. Its earnings will be a major test whether this year's stock market rally, fueled by optimism around the potential for artificial intelligence, will continue.
"If they indicate that there is some acceleration in earnings and sales from AI or that they perceive an increase coming, it would be very meaningful to the market," said Rick Meckler, partner at Cherry Lane Investments.snapping six straight sessions of losses to rise 5.5%.
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