This article first appeared on GuruFocus.
U.S. equity benchmarks climbed Monday as investors positioned for a busy week of big-tech earnings and an upcoming Federal Reserve decision. The S&P 500 rose about 1% and the Nasdaq Composite climbed about 1.5%, according to market data.
Tech heavyweights drew buying interest ahead of results. Qualcomm (NASDAQ:QCOM) surged about 15% after unveiling AI accelerator plans, Nvidia (NASDAQ:NVDA) gained about 2% and Apple (NASDAQ:AAPL) rose about 1%. Traders noted strength in other mega-caps as a key driver of the market’s advance.
Market strategists said the Fed meeting on Oct. 29 is already shaping expectations, with many pricing the central bank as likely to cut rates. That backdrop, combined with heavy AI spending by hyperscalers, is helping lift risk appetite despite lingering macro uncertainty.
Investors will also watch trade developments: U.S. and Chinese leaders are expected to meet at the APEC summit on Oct. 30, a potential catalyst for sentiment if talks yield progress.
Analysts cautioned that record highs can bring heightened volatility, especially around earnings and policy news. For now, the market’s rally looks concentrated in a handful of large-cap tech names, and traders say they will watch quarterly results for signs that revenue growth from AI is translating into profits.
