U.S. stocks closed at all-time highs on Monday as a surge in technology shares — led by Nvidia’s announcement of a new PC chip — combined with better-than-expected manufacturing data to push all three major indexes into record territory. The gains were modest in headline terms, but the session marked a notable milestone with the S&P 500 topping 5,600 for the first time.
What Moved Markets
The S&P 500 rose 19.90 points, or 0.26%, to close at 7,599.96. The Nasdaq Composite gained 114.19 points, or 0.42%, finishing at 27,086.81. The Dow Jones Industrial Average added 46.42 points, or 0.09%, to end the day at 51,078.88. All three indexes set fresh closing records.
Two catalysts drove the session. First, Nvidia unveiled a new chip designed to bring AI capabilities to consumer PCs, a move CEO Jensen Huang said would modernize “decades-old machines.” The announcement sent ripple effects across the semiconductor and hardware space and kept technology firmly in the driver’s seat. Second, the ISM manufacturing index came in at 54.0 for May, up 1.3 points from April and above the Dow Jones consensus estimate of 53.2. The reading signaled continued expansion in U.S. factory activity and eased some concerns about a slowdown in the industrial economy.
Outside of technology, only the energy sector managed to close in the green, boosted by rising oil prices. The remaining nine S&P 500 sectors finished lower, with utilities, consumer discretionary, and real estate posting the steepest declines.
Notable Movers
Nvidia (NVDA) jumped roughly 6% after unveiling its new PC-focused AI chip, extending its run as the market’s most influential single stock.
Dell Technologies (DELL) surged more than 10% as the Nvidia announcement fueled expectations of a PC upgrade cycle. Morgan Stanley upgraded Dell from underweight to equal weight and raised its price target from $170 to $448, acknowledging analysts had underestimated the stock after its 33% single-day jump on Friday.
HP Inc. (HPQ) climbed over 8% on similar enthusiasm around an AI-driven refresh in the personal computer market.
Intel (INTC) fell more than 4%, pressured by the competitive implications of Nvidia’s push into a market Intel has long dominated.
Microsoft (MSFT) gained 2.3%, benefiting from broader strength in the technology sector and its close ties to the AI ecosystem.
Looking Ahead
The week ahead is heavy on labor market data, building toward Friday’s May nonfarm payrolls report. Job openings data earlier in the week will set the tone and could shift expectations for Federal Reserve policy. On the earnings front, Palo Alto Networks reports Tuesday and Broadcom reports late Wednesday — both key reads on enterprise tech and AI infrastructure spending. With S&P 500 companies having posted nearly 29% annual earnings-per-share growth last quarter, the bar is rising. Investors will be watching whether the AI-fueled rally can broaden beyond the handful of names that have carried the market to new highs.